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Oct 6, 2008, 9:59 GMT

1ST LEAD : India's Sensex falls 5.4 per cent to two-year low

New Delhi - India's benchmark Sensex stock index plunged by more than 5 per cent in trading after mid-session on Monday on weak Asian markets and a declining rupee. The 30-share-sensitive index, which lost 529.35 points in the previous session, plunged another 678.07 points in the trading on Monday. It was quoted at 11,848.25 points - its lowest in over two years - at 3:15 pm (0945 GMT), a loss of 5.41 per cent. Tata Power, Jaiprakash Associates, and Sterlite were the major contributors to the fall. The situation was no different at the National Stock Exchange, where the broader S&P CNX Nifty traded at 3,607.50 points for a loss of 5.52 per cent. Brokers said there was a major selloff by foreign funds in metals, capital goods, oil and gas, and banking stocks despite the rescue plan for the US financial industry that was passed last week by the US Congress. Market analysts told the PTI news agency that apart from falls in other markets, the Indian rupee depreciating against the US dollar also dampened trading sentiment. Earlier in the day, the Indian rupee dropped by another 26 paisa to a five-year low of 47.35-36 rupees against the dollar due to sustained dollar demand.

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