Negative global cues subdue equities, Sensex plunges over 350 points

Mumbai: Key Indian equity indices descended sharply during the mid-afternoon trade session on Monday, with the BSE Sensex plunging over 350 points and the NSE Nifty 50 over 100 points.

According to market obervers, negative global cues on the back of prevailing geo-political tensions, coupled with heavy selling pressure in index heavyweights like Adani Ports, Mahindra and Mahindra, and Lupin dragged the key indices lower.

Besides, investors remained cautious about the government's plans for a stimulus programme which might lead to a fiscal deficit.

Around 3 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 9,852.20 points -- down 112.20 points or 1.13 per cent.

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The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,986.40 points , traded at 31,556.80 points -- down 365.64 points or 1.15 per cent, from its previous close at 31,922.44 points.

The Sensex has so far touched a high of 32,016.52 points and a low of 31,474.56 points during intra-day trade.

The BSE market breadth was bearish -- with 2,031 declines and 510 advances.

--IANS