Mumbai: The share market registers sharp fall on Thursday amid a crash in China stocks. The Sensex tumbled over 500 points to below 25,000 while Nifty breached 7,600 – their lowest level in over three weeks. The rupee also fell to inch towards 67/dollar.
Trading in China markets was suspended today much ahead of scheduled close after Shanghai shares tanked more than 7 per cent following a sharp fall in its currency yuan. This is the second time this week trading was suspended in China for the day
The rupee fell to 66.95/dollar today, continuing its recent weakness amid a depreciation of the Chinese yuan. The rupee had closed at 66.82 on Wednesday.
The selling pressure in Indian markets was broad-based today with just two stocks out of the Nifty 50 basket trading higher. Anil Manghnani, director of Modern Shares & Stock Brokers, said 7540 is a crucial level for Nifty and if this level is breached, the index risks falling to 7,300 levels.