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Sensex tumbles on global economic worries

business Updated: Feb 03, 2009 06:22 IST

The Bombay Stock Exchange benchmark Sensex on Monday tumbled over 357 points on brisk selling, following weak global markets, because of the US economy shrinking at its fastest pace in 27 years and discouraging quarterly results by leading realty companies.

The Sensex, which had gained 187 points in the previous day's trading session, plunged by 357.54 points at 9,066.70, after touching the day's low of 9,048.97.

The 50-share National Stock Exchange index Nifty dropped by 108.15 points at 2,766.65, after testing the day's low of 2,760.70 points.

Selling pressure gathered momentum on concerns that the steepest fall in US economic growth in the last 27 years might deepen the global financial crisis.

Bank stocks fell on fears that fresh cuts in interest rates would reduce their quarterly earnings.

Trading sentiment was hit also because the country's exports in December showed decline, the third time in a row.

Realty stocks led the downward march as sector-major DLF fell 13.54 per cent as the company reported a 69 per cent drop in third-quarter net income and Unitech, the second-biggest property company by assets, lost 9.02 per cent as profits declined 74 per cent.

The realty sector index suffered the most by dropping 10.32 per cent to 1,495.97.