Sensex tanks 160 points in opening trade on global cues

The Bombay Stock Exchange benchmark Sensex on Wednesday tanked over 160 points in opening trade on major sell-off by funds and retail investors amid slumping global markets.

The 30-share index, which had lost over 240 points in the previous session, plunged by 160.31 points, or 0.91 per cent, to 17,373.78 points.

All the sectoral indices, led by metal and realty, were trading in the negative territory with losses up to 2.74 per cent.

The wide-based National Stock Exchange index Nifty dipped by 46.15 points, or 0.87 per cent, to 5,210.00.

Brokers said investors resorted to heavy-selling following a steep fall on the US and European markets in yesterday's trading on economic recovery fears following the sharp drop in US consumer-confidence measure in June.

Besides, weak trend in Asian markets, which were down up to 2.6 per cent in the morning trade today, also dampened the trading sentiment, they added.

Among prominent losers Reliance Industries fell by 1.2 per cent to Rs 1,055.20, Sterlite Industries by 1.13 per cent to Rs 165.10, Tata Steel by 1.37 per cent to Rs 474.90, ICICI Bank by 0.68 per cent to Rs 843.05, State Bank of India by 0.60 per cent to Rs 2,281.10 and Infosys Technologies by 0.73 per cent to Rs 2,770.

Meanwhile, the US Dow Jones Industrial Average ended 2.65 per cent lower in the previous session.