Mumbai, Nov 3 (IANS) A benchmark index of the Indian equities markets fell sharply by 491 points to touch a two-month low Tuesday, with investors dumping stocks especially of realty, metals, energy and power companies.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 15,838.63 points, closed at 15,404.94 points, 491.34 points or 3.09 percent below Friday’s close at 15,896.28 points.

The S&P CNX Nifty of the National Stock Exchange (NSE) also closed in negative terrain at 4,563.9 points, down 3.14 percent or 147.8 from its last close.

Selling pressure intensified in mid-to-small capitalised scrips as well, with the BSE midcap closing 3.74 percent lower and BSE smallcap ending 1.5 percent down.

Realty, metals and energy scrips took a pounding, while IT, capital goods and state-run companies also figured among major losers.

The correction was widely predicted by analysts as most considered valuations not being commensurate with the earnings or business outlook.

The market breadth was negative with only 534 stocks advancing, as many as 2,171 declining and 56 remaining unchanged.

There were only three gainers on the Sensex: Bharti Airtel, up 2.67 percent at Rs.299.95; Maruti Suzuki, up 1.13 percent at Rs.1,418.80 and Sun Pharma, up 0.31 percent at Rs.1,386.

Among the losers were Hindalco, down 10.5 percent at Rs.109.15; DLF, down 9.04 percent at Rs.336.55; Jaiprakash Associates, down 7.52 percent at Rs.194.35, and Sterlite Industries, down 6.4 percent at Rs.722.15.

According to data with the regulator, the Securities and Exchange Board of India (SEBI), foreign institutional investors bought shares worth $156.7 million Tuesday.

Other Asian markets were under selling pressure as well.

The primary index of the Hong Kong Stock Exchange, Hang Seng closed 380.13 points or 1.76 percent lower at 21,240.06 points.

The Kospi, benchmark index of the Korean Stock Exchange, also ended in the red at 1,549.92 points, down 9.17 points or 0.59 percent.

However, the Shanghai Stock Exchange composite index shut shop 1.22 percent up at 3,031.33 points.

Japanese markets were closed Tuesday.

European markets were trading weak with Britain’s FTSE 100 index ruling 2.01 percent lower at 5,002.08 points and its German peer, DAX, was similarly ruling at 5,329.68 points, down 1.86 percent.