Mumbai: The National Stock Exchange benchmark index Nifty today plummeted by 129.65 points and touched an intra-day low of 3,688.65 points in early morning trade, the lowest level since March 5, 2007.

The 50-share benchmark index, which opened on a weak note lost further ground and witnessed an intra-day low of 3,688.65 points, a decline of 3.51 per cent from its previous closing price on all-round selling by funds following weak Asian markets amid declining rupee.

"World markets are in a bearish trend. Besides, foreign institutional investors are selling across the board. However, market is in the process of bottoming out and by the later part of today or by tomorrow we might see some short covering," Taurus Asset Management Managing Director R K Gupta said.

Earlier on March 5,2007,the wide-based Nifty had seen an intra-day low of 3,554.5 points and had settled for the day at 3,576.5 points.

Marketmen said apart from weakening trend in the global markets, depreciating Indian rupee against the US dollar too dampened the trading sentiments here. Indian rupee fell by 21 paisa to 47.30 against the dollar in early trade on the Forex market.

"The support level at this point for Nifty is 3,650 and for Sensex it is 12,000," Gupta added.

Meanwhile, the Bombay Stock Exchange benchmark Sensex, which had lost 529.35 points in the previous session, moved down by another 406.13 points at 12,120.19 on major sell-off by foreign funds in heavy weight stocks.

At 1038 hrs, Nifty was trading at 3,698.75,down 3.13 per cent and Sensex was quoted at 1,2129.94,down 3.17 per cent.
Source : PTI