Sensex tanks 298 pts on weak GDP data, global cues

The benchmark BSE Sensex fell below the 26,000-mark by plunging over 298 points while the NSE Nifty slipped below 7,900 mark in early trade today on foreign fund outflows and selling by investors, triggered by weak growth data for the June quarter.

The 30-share index fell by 298.81 points, or 1.13 per cent, to 25,984.28 with all the sectoral indices led by banking, metal and capital goods trading in negative terrain with losses of up to 1.70 per cent.

The gauge had lost 109.29 points in the previous session.

On similar lines, the NSE Nifty slipped below the 7,900-mark by losing 84.65 points, or 1.06 per cent, at 7,886.65.

Sentiment after India's GDP growth slowed to 7 per cent in the April-June quarter from 7.5 per cent in the previous quarter, brokers said.

Besides, a weak trend at other Asian markets following another batch of data showing weakness in China's economy, rising global crude oil prices, accelerated selling activity, they said.

Among other Asian markets, Hong Kong's Hang Seng shed 0.50 per cent, Shanghai Composite fell 1.87 per cent, while Japan's Nikkei shed 2.38 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.69 per cent down in yesterday's trade.