Sensex dips below 27k level, down 362 pts on fund sell-off

Extending initial losses, the benchmark BSE Sensex dipped below the 27,000-mark by falling over 362 points today in the late afternoon trade on across- the-board selling by funds as well as retail investors amidst a weak global trend.
The Sensex, after remaining low in range-bound movements, dipped below the 27,000-mark to quote 362.01 points, or 1.33 per cent, down at 26,844.73 at 1430 hrs with all the sectoral indices, led by realty, capital goods and metal, falling up to 4.06 per cent.
The NSE 50-share Nifty also slipped by 108.50 points, or 1.33 per cent, to 8,037.80.
Major losers which dragged indices down were ONGC, RIL, SBI, Sun Pharma, L&T, Cipla, Infosys, ICICI Bank, GAIL, Tata Motors, Tata Power, Tata Steel and TCS reacted to sell-off by foreign funds and retail investors, dragging the key indices down.

A weak trend on the other Asian markets and a lower opening of the European markets after a further contraction in French business activity, triggered selling by foreign funds.
Brokers said the market turned volatile and participants preferred to off-load positions on reports that foreign funds, major force behind recent bull-run, have slowed down buying on the Indian bourses even turning net sellers, mainly dampened the trading sentiments.
Besides, cautious approached ahead of monthly expiry in the derivatives segment on Thursday too negatively impact, they said.