Sensex hovers around 12,000, lowest in two years

Sensex plunged to below 12,000, its lowest in the last two years today.

Mumbai, Oct 6 : Sensex plunged to below 12,000, it's lowest in the last two years today.

The Bombay Stock Exchange's Sensex touched an intra-day low of 11,954.09, its lowest level since September 2006.

At 12:22 p.m., the 30-share index was down 525 points or 4.20 per cent at 11,978.46.

Meanwhile, National Stock Exchange's Nifty was down 4.40 per cent or 168 points at 3650.35. The index fell to a low of 3643.85.

Traders said the overseas cues continued to remain sluggish on the back of deepening financial crisis in the US and Europe.

Apart from weakening trend in the global markets, depreciating Indian rupee against the US dollar too dampened the trading sentiments here, said share brokers.

Trading sentiments were so depressed that even easing inflation, which dropped to 11.99 per cent also failed to prop up stock prices.

Major losers were Tata Power, Jaiprakash Associates, Sterlite Industries, DLF, Tata Steel and Reliance Communications.

ANI