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Indian markets also joined the global sell-off on Friday as optimism over resolution to the US fiscal cliff suffered a setback with the Republicans cancelling a vote on a back-up tax-cut plan.
Fiscal cliff refers to the economic effects that could result from tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning 2013 if existing laws are not changed by the end of 2012.
The BSE Sensex fell 211.92 points or 1.09 per cent and the NSE’s Nifty tumbled 1.16 per cent to close at 5847.7.
The rupee also crashed 21 paise against the dollar to close at 55.07. Even gold and crude oil tumbled.
The sudden sell-off took the sheen of all the indices, in both the exchanges, signalling the wide-spread impact. None of the sectoral as well as broad indices closed in the green.
The realty index was the biggest loser, slumping by over 3 per cent. About 1,940 stocks declined on the BSE as against 979 that gained. Only TCS and ITC gained in the Sensex and in the Nifty.
However, both foreign investors and domestic institutions remained buyers in today’s market.
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