Sensex crumbles 698.86 pts to 26,818.82; Nifty tanks by 229.45 pts

Sensex crumbled by 698.86 points to 26,818.82 while Nifty tanked by 229.45 points to 8,296.30. 

Market benchmark Sensex plunged by nearly 670 points to dip below the 27,000-level in pre-closing on massive sell-off and persistent foreign fund outflows amid weak global cues. A caution prevailed ahead of September IIP data, to be released later in the day, that added to weakened sentiment. Sensex slumped by 669.98 points, or 2.43%, to 26,847.70. While, Nifty fell by 216.40 points, or 2.53%, to 8,309.35. 

Barring Sun Pharma, all stocks of the 30-Sensex pack were trading in the negative zone. Besides, all the sectoral indices led by consumer durables, realty and auto were lower by up to 4.52%. Brokers said capital outflows were triggered by persistent selling by participants, tracking a weak trend in global markets on fears that US President-elect Donald Trump's policies would be inflationary, leading to higher US interest rates and denting the appeal of emerging markets.

Disappointing earnings by state-run State Bank of India, recording 99.6% dip in consolidated net profit too accelerated selling activity, they added. Furthermore, depreciating rupee against the dollar alsohad a negative impact, they said.

Asian markets ended mixed and European shares were down in their early trade.