Sensex erases early gains, plunges 624 pts on dismal auto sales numbers
(WorldNews Business)

Domestic equity markets went into a major tailspin towards the closing hours of the trading session on Tuesday, weighed down by dismal July passenger vehicle sales numbers that triggered wide-spread selling in automobile, telecom, IT and banking stocks. Continuing to flee the domestic equity markets, foreign institutional investors (FIIs) were at the forefront in leading the slump, offloading shares worth Rs 638 crore, according to BSE's provisional data. In the current month so far, FIIs have sold local shares to the tune of Rs 12,519 crore. Investors also turned cautious in the absence of any significant fiscal stimulus from the...