Mumbai: Falling for the seventh straight day, the benchmark BSE Sensex today slumped over 490 points on sustained fund outflows which also pulled down the rupee to nearly four-week low of 62.17 against the dollar.
Gold prices too plunged by Rs 410 to over two-week low of Rs 27,790 per 10 grams in the National Capital due to poor demand and weak global cues.
Stocks markets slumped over 1.50 per cent due to across the board sell-off triggered by exit polls that predict defeat for BJP in Delhi election and weaker-than-expected results by corporates.
"Disappointing corporate earnings and caution ahead of GDP for the December quarter, accelerated selling activity on the bourses" said a broker, Deepak Pahwa.
The BSE Sensex fell by by 490.52, or 1.71 per cent, to end at 28,227.39, a closing level not seen since January 16.
The 30-share index has plunged from record highs losing 1,454.38 points, or 4.90 per cent, in its longest losing seven-session streak in 15 months. It hit an all-time high of 29,844.16 on January 30.
The 50-share Nifty tanked 134.70 points, or 1.56 per cent, to close at 8,526.35 points.
Stocks of capital goods, metal, auto, banking, consumer durables, FMCG and refinery declined sharply on heavy selling pressure.
"Markets reacted negatively to exit polls on Delhi election, which indicates the Aam Aadmi Party would form the government in Delhi and that would be the first state election defeat of party ruling in Centre, post Lok Sabha election," said Jayant Manglik, President-retail distribution, Religare Securities Ltd.
Foreign funds continued to remain net sellers on domestic bourses which weighed on the sentiment, brokers said. FPIs sold shares worth a net Rs 96.45 crore on Friday last.
Metal stocks such as Tata Steel, Sesa Sterlite, JSW Steel, Hindalco, SAIL and Jindal Steel and Power came under pressure, tracking global prices after a weak Chinese data.
In the forex market, rupee declined by 48 paise to close at nearly four-week low of 62.17 against the dollar.
The rupee weakened due to fresh dollar demand from banks and importers, fall in stocks and a strong dollar in overseas markets, dealers said.
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