Bearish economic data dents markets; Sensex down 219 points

Bearish domestic economic data, heightened chances of a US rate hike coupled with falling Asian markets depressed a barometer index of the Indian equities during the post-afternoon trade session on Monday.

The benchmark 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) plunged by 219 points or 0.82 percent during the post-afternoon trade session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading in the red. It was lower by 55 points or 0.69 percent at 8,010.30 points.

The S&P BSE Sensex which opened at 26,641.69 points, was trading at 26,437.89 points (at 1.00 p.m.), down 218.94 points or 0.82 percent from the previous day's close at 26,656.83 points.

The Sensex has so far touched a high of 26,824.30 points and a low of 26,401.28 points in the intra-day trade.

Market observers' cited that the bearish Nikkei India manufacturing purchasing managers index (PMI), heightened chances of a US rate hike coupled with falling Asian markets on the back of weak Chinese data dented investors' sentiments here.

"The negative Asian markets depressed the Indian markets. The weak Chinese manufacturing data had led to the slide in Asian stocks," Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

"The fall in India's PMI data for October and heightened chances of a US rate hike too eroded investors' confidence here."