Mumbai: Market benchmark Sensex cracked below the 24,000-mark for the first time since May 16, 2014, by plunging 481 points to 23,998.65, tracking massive sell-off in Asian indexes after IMF slashed global growth forecast.
Moreover, the broader NSE Nifty dipped below the 7,300-mark for the first time since June 2, 2014.
Depreciating rupee, which breached the 68-mark by tumbling 4 paise to trade at over 28-month low of 68.06 against the dollar also spoiled the mood.
The 30-share Sensex nosedived by 481.19 points or 1.96 per cent to 23,998.65, its lowest level since May 16, 2014 (intra-day). The gauge had rallied by 291.47 points yesterday.
All the sectoral indices, led by metal, power, realty, PSU, banking and oil&gas were trading in the negative zone with losses up to 3.67 per cent.
Also, the broader NSE Nifty slipped below the 7300-mark by crashing 147.95 points or 1.98 per cent to quote 7,287.15.
Traders said persistent outflow of foreign funds and sustained selling by retail investors, tracking weak trend in Asian on renewed worries over global slowing economic growth and falling oil prices, dampened trading sentiments here.
In a quarterly update to its World Economic Outlook yesterday, IMF had said the global economy will expand 3.4 per cent in 2016, down from an earlier estimated 3.6 per cent in October. It also trimmed its forecast for growth in 2017 to 3.6 per cent, down from 3.8 per cent three months ago.
Meanwhile, West Texas Intermediate (WTI) crude oil struck a low of USD 27.92 a barrel before recovering to trade at USD 28.15, down 31 cents, or 1.09 per cent, while Brent crude was 13 cent lower at USD 28.63 per barrel in New York.
Prominent laggard among the 30 Sensex stocks were Adani Ports, BHEL, Coal India, SBI, Tata Motors, Tata Steel, RIL, L&T, Hindustan Unilever, ICICI Bank, NTPC, ONGC and Axis Bank.
Among other Asian markets, Japan's Nikkei tumbled 3.71 per cent, while Hong Kong's Hang Seng fell 3.43 per cent in early trade today. Shanghai Composite Index was down 0.58 per cent.