Sensex tumbles below 19 K level; tanks 423 pts in early trade

The BSE benchmark Sensex today tanked over 423 points to dip below 19,000 level in the early trade on all-round selling, triggered by a weakening trend overseas on concerns that inflows to emerging markets may hit after US Fed taper off its stimulus programme later this year.

The 30-share index slipped below 19,000 points by plunging 423.05 points, or 2.19 per cent, to 18,822.65, with all sectoral indices trading in negative territory with fall up to 3.03 per cent. The gauge had gained 22.42 points in the previous session.

Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,700 points mark by falling 122.40 points, or 2.10 per cent, to 5,699.85.

Brokers said sentiments turned bearish largely in line with weak trend in the Asian region following overnight sharp falls at the US market after Federal Reserve Chairman Ben Bernanke said it could start tapering off its massive stimulus programme later this year, triggering major sell-off by funds.

In the Asian region, Hong Kong's Hang Seng index was down 1.52 per cent, while Japan's Nikkei Index shed 1.08 per cent in the morning trade today.

The US Dow Jones Industrial Average ended 1.35 per cent lower in yesterday's trade.