Mumbai:Â Mumbai: On across-the-board selling in late morning deals, the stock markets nosedived to four-month lows with the benchmark BSE Sensex plunging 600 points to below 27,000-level and Nifty falling 180.50 points.
Sentiments were weak in the absence of trigger amid host of negative factors in the backdrop of sustained FII outflows.
Overnight drop in US stocks on huge six-year high trade deficits, surging oil prices and growing concerns over Greek debt crises overlapped the sentiments.
The 30-share index resumed higher at 27,473.36 and hovered between 27,501.15 and 26,868.45, before quoting 26,962.41 at 1030 hrs, showing a loss of 477.73 points or 1.74 % from its last close. It fell even more thereafter.
The 50-share Nifty also dipped by 161.15 points or 1.94 % to quote at 8,163.65 at 1030 hrs.
Most of the sectors dropped between 1.07 % to 3.10 %s, led by realty, banks, capital goods, metal, oil&gas and power. Shares of midcap and smallcap companies dropped over 1.94 %.
Major losers on the BSE were BHEL (3.29 %), NTPC (3.22 %), CIPLA (3.27 %), Axis Bank (2.79 %), Tata Power (2.69 %) and Wipro (2.58 %).
Meanwhile, foreign portfolio investors sold shares worth Rs 756.52 crore yesterday as per provisional data.
Asian stocks were trading mixed, as key indices in Singapore, Indonesia and South Korea shed by 0.02 to 1.56 %. Key indices in China, Taiwan and Hong Kong rose by 0.14 to 1.27 %. Japanese markets are on Wednesday.Â
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