Sensex sheds 414 points on global meltdown

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MUMBAI: Gloomy weather across the global markets continued to hurt Indian bourses, sending the benchmark Sensex spiralling down 414 points to a six-month low of 9062.65, notwithstanding sustained foreign institutional investment inflows in equity.

The Bombay Stock Exchange 30-share sensitive index (Sensex) virtually crumbled during the session and fell below the 9000-mark for the first time after December 9, 2005, hitting the day's low of 8993.58. However, it managed to recoup some intra-day losses and closed 4.36 per cent below Monday's close.

On the National Stock Exchange, the S&P CNX Nifty tumbled by 113.55 points or 4.09 per cent to 2663.30.

The markets across the world reacted negatively and registered huge losses in equity and commodities on concerns over stubbornly high inflation in the U.S., leading to fears that the Federal Reserve might further raise the interest rates.

The selling onslaught pulled 28 of the 30 index-based stocks sharply down even as investors resorted to stop-loss offerings with a larger focus on commodity sectors. PSU oil exploration major ONGC and banking major State Bank of India were the only two Sensex scrips that managed to close in the positive territory.

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