Indian equities plunge to new six-month low

Mumbai, Nov 21 (IANS) Indian equity markets plunged on Monday to provisionally close lower by around 1.5 per cent, as demonetisation, coupled with a weak rupee and continuous foreign fund outflows, depressed investor sentiment.

The key indices fell to their new six-month lows due to heavy selling pressure in automobile, banking and metal counters.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) receded by 132.25 points, or 1.64 per cent, to 7,941.85 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,246.70 points — provisionally closed at 25,765.14 points (at 3.30 p.m.) — declined by 385.10 points, or 1.47 per cent, from the previous close at 26,150.24 points.

The Sensex touched a high of 26,270.28 points and a low of 25,717.93 points during intra-day trade.

The BSE market breadth was skewed in favour of the bears — with 2,209 declines and 427 advances.

On Friday, the equity markets closed in the red on the back of foreign fund outflows and heightened chances of a US rate hike.

The barometer index was down by 77.38 points, or 0.30 per cent, whereas the NSE Nifty edged lower by 5.85 points, or 0.07 per cent.