The benchmark S&P BSE Sensex plunged below the 19,000 level, falling 457 points at midsession today on selling by funds, triggered by a free-fall in the rupee.
After a lower start, the Sensex dropped 457.13 points, or 2.38 per cent, to 18,725.13, the lowest level in five weeks. The index closed at 18,875.95 on June 27.
Brokers said the market remained under pressure as the rupee fell to an all-time record low of 61.51 against the dollar in intra-day trade, which may accelerate inflation and hurt company earnings.
They said the falling rupee also raised concerns about the Reserve Bank of India's steps to tighten liquidity to support the currency.
The Nifty index on the National Stock Exchange tumbled 133.45 points, or 2.35 per cent, to 5,551.95, led by stocks of consumer durables, metals, banks and interest-sensitive sectors.
