The S&P BSE Sensex slipped over 300 points in trade on Monday tracking a sharp fall observed in most Asian markets. The 50-share Nifty index also broke below its crucial psychological support level of 8450. Bank Nifty fell nearly 300 points, the loss were led by index heavyweights such as sense
Sun TVBSE 4.34 % surged over 6 per cent, while Tata Motors was down about 2 per cent in trade.
Taking its losing streak to the fourth straight session, rupee depreciated 3 paise to 64.07 against dollar to hit a fresh five-week low in early trades today. The currency market was keenly awaiting the forthcoming two-day US Fed policy meet beginning Tuesday that is expected to shed some light on the kick start of interest rate hike cycle.
Asian shares were weak. China's mainland index Shanghai Composite dropped over 2 per cent. Hong Kong's Hang Seng slipped 2.4 per cent. Japan's Nikkei and Singapore's Straits Times were down over 0.7 per cent each. South Korea's Kospi fell 0.35 per cent.
In Asia, while China's industrial profits declined 0.3 per cent YoY in June, the flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) contracted to 48.2 for July, compared with a final reading of 49.4 in June. Weakness persisted after the Dow Jones Industrial Average last week posted its worst weekly fall since January.
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