MUMBAI: The BSE benchmark Sensex on Monday plunged 308.09 points to crash below 25k-level for the first time in 15 months. The Nifty fell 96.25 points to end at 7,558.80.
A sharp fall in rupee value against the dollar as well as fears about a slowdown in China and growth concerns continued to rattle investors sentiment.
The domestic currency was trading fresh two-year low at 66.83 per dollar.
Asian stocks were subdued after China revised its annual economic growth rate in 2014 to 7.3% from the previously released figure of 7.4%.
“The outlook is (still) negative but the market is oversold. That’s the key reason why we are holding on,” said Alex Mathews, head of research at Geojit BNP Paribas.
“Because of the absence of any positive triggers, the market could remain subdued or trade sideways”.
Domestic institutional investors have somewhat cushioned the exodus of foreign investors, aggressively buying on every dip. But data suggest that their war chest might not be enough to counter foreign investor outflows.