Indices plummet on global weakness; Sensex down 750 pts

MUMBAI: The market closed sharply lower on Monday extending a sell-off in equities across the globe. All sectoral indices posted significant losses but metals slumped the most.

Markets across the world tumbled on concerns surging inflation may prevent the US Federal Reserve from lowering interest rates further to revive the economy from the housing and credit crisis.

The National Stock Exchange's Nifty closed down 259 points or 4.27 per cent at 5789.20

The Bombay Stock Exchange's Sensex ended down 750 points or 3.74 per cent at 19,281.01.

BSE Midcap and Smallcap Index shed over 3 per cent each.

DLF (down 7.07%), NTPC (6.73%), (5.81%), Tata Steel (5.68%) and Tata Motors (5.57%) were the biggest index losers.

Heavy selling in metal shares saw the sectoral index down nearly 7 per cent.

Hindustan Unilever (up 1.06%) and Cipla (up 0.02%) were the only Sensex gainers.

The market breadth showed 1907 declines and 1031 advances on BSE