Market tanks 271 pts

The benchmark Sensex plunged by over 271 points on the Bombay Stock Exchange today on profit selling at existing higher levels.

The 30-share BSE barometer, after beginning the day on a promising note, fell back to close at 20,104.39, lower by 271.48 points, as stocks in oil and gas, capital goods and banking segments declined sharply.

The key-index rose to the day's high of 20,498.11 and a low of 20,065.63 points.

The National Stock Exchange index Nifty also dipped by 101.20 points to 6,058.10, after touching the day's high of 6,185.40 and a low of 6,040.40 points.

Trading sentiments were partly influenced by reports of weak trend in Asian stock markets, traders said.

European and Asian stock markets were down after the Wall Street ended higher, following major central banks seeking to soothe the global credit squeeze, they added.