Sensex plunges by 380 points on global cues

Mumbai, June 7 (ANI): The Bombay Stock Exchange (BSE) index benchmark Sensex plunged by over 380 points on Monday on account of the weak global cues and weakness in realty and metal stocks.

Earlier in the day, the markets did start the week on an extremely weak note owing to negative global cues.

The Sensex opened at 17,070, and soon tumbled way below the 17,000-mark.On Friday US had this employment or job data, which was considered to be weak not in line with expectation below expectation. All these reasons have factored into today's fall," said Sunil Shah, a market analyst.

The US markets have been blamed for the dismal state of affairs.

The Wall Street had tumbled on Friday due to disappointing US payroll data, with the Dow Jones falling below 10,000-mark to rest at 9931, down 323 points.

The BSE benchmark index soon slipped to a low of 16,686, down 431 points from the previous close. The markets continued to exhibit weak movement throughout the day.

The Sensex finally ended at 16,781, down 336 points and the NSE Nifty settled 101 points down at 5,034.

"Liquidity is an issue when the negative development happens around you in the globe, the global investor turns risk averse and he tries to withdraw money from everywhere. So you might see some flight of capital out of this country," noted Sunil Shah, a market analyst.

Consequently, the top losers of the day were DLF, Hindalco Industries, Tata Steel, Tata Motors, Sterlite and Bharti Airtel. ANI)