Mumbai: Rupee depreciation, foreign fund outflows and lower global crude oil prices depressed the Indian equity markets on Tuesday.
The two key indices of the Indian equities markets provisionally closed the day's trade with losses of around two per cent each, as heavy selling pressure was witnessed in automobile, banking and metal stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) plunged by 187.85 points or 2.26 per cent to 8,108.45 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,809.61 points, provisionally closed at 26,304.63 points (at 3.30 p.m.) -- down 514.19 points or 1.92 per cent from the previous close at 26,818.82 points.
The Sensex touched a high of 27,809.61 points and a low of 26,253.63 points during the intra-day trade.
The BSE market breadth was skewed in favour of the bears -- with 2,351 declines and 349 advances.
Astha Jain, Senior Research Analyst at Hem Securities, told IANS:
"Indian markets witnessed a sharp rise in the USD-INR as it opened 40 paise up at 67.75 on Monday from its previous close at 67.35 in the futures market on Friday. Lower crude oil prices also added to the downward trend."
On November 11, the Indian equity markets had plunged to their lowest levels in around four months, as heavy selling pressure forced the key indices lower by 2.5 per cent each.
The barometer index had declined by 698.86 points or 2.54 per cent, while the NSE Nifty receded by 229.45 points or 2.69 per cent.