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The Indian stock market crashed on opening on Wednesday morning, with the Sensex sinking over 1,600 points while the Nifty slumped to near 8,000 levels.
The S&P BSE Sensex is trading at 26,560 down 1,031 points, while NSE Nifty is trading at 8,038 down 505 points. The BSE Mid-cap Index is trading down 6.45% at 12,125, whereas BSE Small-cap Index is trading down 7.18% at 12,115.
The rupee opened lower by 19 paise at 66.80/$ as against the previous close of 66.61/$. On the economy front, Prime Minister Narendra Modi to abolish the Rs 500 and Rs 1,000 notes on Tuesday. Nearly 40 percent of the economy is driven by small- and medium-sized enterprises that largely run on cash transactions.
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