The stock market benchmark Sensex plunged nearly 420 points at mid-session on Thursday on heavy selling by foreign funds over concerns about a crisis in the housing credit market in the US.
The Sensex fell 419.79 points at 18,182.83 at 1300 hrs, after swinging between 18,744.55 and 18,237.80 points. The National Stock Exchange index Nifty slid 166.70 points to 5,394.35, after touching 5,608.65 points. Nifty Futures for November delivery dropped 0.2 per cent to 5,530.
Overseas funds sold a net Rs 1072 crore worth of shares on November 20, and remained net seller in last two trading sessions, marketmen said.
They said the US subprime mortgage remained the major issue before the global financial markets and mounted pressure on investors and funds to remain cautious.