Sensex Slumps 750 Points On US Rate Hike Worries; Nifty Slips Below 17,100
(RTTNews) - Indian shares opened sharply lower on Monday on the back of weak global cues, as signs of a strong U.S. labor market and rising oil prices stoked fresh worries about inflation and further rate rises.
Geopolitical tensions also returned to the fore after a powerful blast damaged Russia's road-and-rail bridge to Crimea.
The benchmark S&P BSE Sensex fell 750 points, or 1.3 percent, to 57.445 in early trade, while the broader NSE Nifty index was down 217 points, or 1.3 percent, at 17,098. The rupee opened at a record low of 82.64 against the greenback.
Asian Paints, Hindustan Unilever, HDFC, Hero MotoCorp and Tata Motors tumbled 2-3 percent.
TCS dropped half a percent ahead of its Q2 earnings release.
IDBI Bank soared 8.5 percent on stake sale reports.
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