Bloodbath on Dalal Street; Sensex drops over 1000 points

August 24, 2015 09:29

Markets plunged in opening trades, amid weak global cues, with Chinas benchmark index Shanghai composite plunging over 8% after the Wall Street crashed on the Friday owing to concerns over economic slowdown in China, the worlds second largest economy.

The Sensex dropped over 1000 points below 26,400 while the Nifty slumped below 8,000 mark.

The Indian rupee has touched a fresh two-year low in early trade Monday following sharp sell-off in global markets as investors worldwide worried about Chinese economy.

The currency has opened at 66.47 per dollar, the lowest level for the first time since September 2013, down 65 paise compared to 65.83 a dollar seen at Friday's close.

Major markets around the world also suffered bruising losses as new data suggested Chinese factory activity had slowed to levels last seen in 2009 and added to investors fears about the country's economy since Beijing devalued its currency last week. US oil prices also crashed down to below $40 a barrel a one point, a level not seen since the financial crisis.

The dollar fell to a two-month low against the euro and added to speculation that the Federal Reserve may now not raise US interest rates next month, as had been widely expected by economists.

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