The Sensex on Tuesday ended at its eight-week low of 17,137 points, dropping 249 points, or 1.4 per cent, on concern over correction in base-metal prices and weak global markets. The index has lost over 399 points in the last two days.
“With Australia increasing tax on iron ore companies on Monday, stocks of Rio Tinto and BHP fell. For the second consecutive day, metal stocks remained low and the impact was seen on the Sensex as metal stocks plummeted,” said Alex Mathew, head, research equity, Geojit Comtrade. In the second half, European markets went down further and euro fell against Dollar, contributing to a sharp fall in metal prices.
The S&P SNX Nifty of the National Stock Exchange (NSE) also closed 74 points, or 1.4 per cent, at 5,149 points.