Sensex plunges by 472 points on weak global cues

Sensex was quoted at 12,053 at 1115 hrs, sharply down by 472.93 points from its previous close after stocks of metal and realty sectors bore the brunt.

The Bombay Stock Exchange bellwether Sensex on Monday plunged by over 472 points at 1115 hrs following weak global cues.

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Asian indices were down by nearly three per cent during early trade on Monday due to continued global uncertainty even after the passage of the revised multi-billion rescue package for the troubled US financial markets, traders said.

The 30-share BSE barometer was quoted at 12,053.39 at 1115 hrs, sharply down by 472.93 points or 3.78 per cent from its previous close after stocks of metal and realty sectors bore the brunt. Declining rupee also led to the downward movement of stocks.

The 30-share index fell to a low of 12,120.19, immediately after resumption of trading.

Similarly, the 50-share Nifty of the National Stock Exchange dipped below the 3,700 level and lost 146.70 points or 3.78 per cent to 3,671.60 at 1115 hrs from its last close.

Global investors were of the view that $700-billion financial market rescue package may not help prevent any likely recession in the global economy.