The Bombay Stock Exchange benchmark Sensex on Tuesday plunged nearly 249 points to touch an eight-week low as funds sold heavy-weights, especially metal and realty stocks, which erased early gains.
The Sensex, which rose to 17,464.82 points at the outset, fell back to close with a loss of 248.94 points to 17,137.14, a level last seen on March 8, as stocks in metal stocks tumbled as base-metal prices dropped in overseas markets.
Similarly, the wide-based National Stock Exchange index Nifty cracked 5,200 points to trade 74.25 points lower at 5,148.50, after touching the day’s high 5,250.15.
The market shrugged off firming trend in the U.S. markets.
Trading sentiment was influenced to some extent by a weak trend in Asia and lower opening in Europe.