Benchmark Sensex plunged by 930.55 points while broader Nifty dropped below the 24,500 level to settle at more than two-month lows on Tuesday due to an intense sell-off across sectors and massive foreign fund exodus from the markets.Extending losses to the second day, the BSE Sensex plummeted 930.55 points or 1.15% to settle at 80,220.72, the lowest closing level since August 14. During the day, it tanked 1,001.74 points or 1.23% to 80,149.53.The NSE Nifty tumbled 309 points or 1.25% to 24,472.10 as 47 of its constituents closed lower and three advanced. The index hit a low of 24,445.80 during the day.Weak earnings growth trend and sluggish global markets hit investor sentiment, analysts said, adding that rising US bond yields and policy actions by China are triggering FII outflows. “The recent sharp rise in US bond yields signals diminished expectations for aggressive rate cuts by the US Fed, also affecting fund flows to EMs. In the short term, this bearish outlook may persist due to sluggish earnings growth trends,” said Vinod Nair, Head of Research, Geojit Financial Services.Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,261.83 crore on Monday. The BSE smallcap gauge tanked 3.81% and midcap index slumped 2.52%. PTI

Markets fall to 2-mth low on FIIs withdrawal

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