The negative trend in Indian markets shows no signs of a turnaround, as Sensex closed 509 points down at 56,598, and Nifty dipped below the 17,000 mark to end the day. Gains for the pharma sector weren’t able to reduce pain, as power, metal and banking stocks fell, amidst possibilities of a rate hike in India.
IT and Auto also zoomed ahead while oil and gas lost steam as global crude prices went up after hitting a nine-month low. A volatile Wall Street sent Asian markets tumbling down, as Japanese markets reached close to lowest levels in three months. European indices also slipped, while Chinese markets were hit by geopolitical tensions and recession.
The rupee hit another record low after a marginal recovery, as it closed at 81.93 against the US dollar, which is a 40 paise drop. Subdued demand has reportedly forced phone maker Apple to drop its plans for increasing production.