Market benchmark BSE Sensex tumbled over 640 points to 23,839.76 intraday tracking massive sell-off in Asian indices after IMF slashed global growth forecast.
The Sensex cracked below the 24,000-mark for the first time since May 16, 2014,
Moreover, the broader NSE Nifty dipped below the 7,300- mark for the first time since June 2, 2014.
Depreciating rupee, which breached the 68-mark by tumbling 4 paise to trade at over 28-month low of 68.06 against the dollar also spoiled the mood.
However, markets crept up slightly to close at 24,087.74, down 392.10 points or 1.60% lower.
All the sectoral indices, led by metal, power, realty, PSU, banking and oil&gas were trading in the negative zone with losses up to 3.67%.
Also, the broader NSE Nifty slipped below the 7300-mark by crashing 147.95 points or 1.98 per cent to quote 7,287.15.
Traders said persistent outflow of foreign funds and sustained selling by retail investors, tracking weak trend in Asian on renewed worries over global slowing economic growth and falling oil prices, dampened trading sentiments here.
In a quarterly update to its World Economic Outlook yesterday, IMF had said the global economy will expand 3.4% in 2016, down from an earlier estimated 3.6% in October. It also trimmed its forecast for growth in 2017 to 3.6%, down from 3.8% three months ago.
Meanwhile, West Texas Intermediate (WTI) crude oil struck a low of USD 27.92 a barrel before recovering to trade at $28.15, down 31 cents, or 1.09%, while Brent crude was 13 cent lower at USD 28.63 per barrel in New York.
Prominent laggard among the 30 Sensex stocks were Adani Ports, BHEL, Coal India, SBI, Tata Motors, Tata Steel, RIL, L&T, Hindustan Unilever, ICICI Bank, NTPC, ONGC and Axis Bank.
Among other Asian markets, Japan’s Nikkei tumbled 3.71%, while Hong Kong’s Hang Seng fell 3.43% in early trade today. Shanghai Composite Index was down 0.58%.