Nifty breaks 8250, Sensex crashes over 400 pts; banks dive

Moneycontrol Bureau9:50 am Outperformer? One stock that is sticking its neck out in this bloody slaughter on Dalal Street. Amtek Auto which has been falling drastically for few days, is up 7 percent. The stock is at Rs 68.20, up Rs 4.45 on the BSE. 9:40 am FII view on India: The slump in global equity markets today can be attributed to the bouts of weakness persisting in emerging markets -- particularly China, where worse-than-expected PMI data seemed to be confirming the worst. Micheal Every of Rabobank expects emerging market stocks to continue to face weakness. "I think we're seeing real panic right across the market," he said. "India is relatively outperforming at the while. But investors will need to see decisive steps (by the government) in India."9:30 am Market check: Bears are on a rampage as benchmark indices tumble. The Sensex is down 438.11 points or 1.6 percent at 27169.71 and the Nifty fell 130.55 points or 1.6 percent at 8242.20. About 215 shares have advanced, 1350 shares declined, and 27 shares are unchanged. Bank Nifty, Capital Goods, Auto and Oil & Gas index are down 2-3 percent. Bharti Airtel, Hero Motocorp, Tata Motors, Vedanta and SBI are major laggards in the Sensex. Only IT index is in the green. TCS and Infosys are up 0.5 -1 percent on a weak rupee.Don't miss: Greek PM Alexis Tsipras resigns, elections likely on Sep 20The market has fallen sharply at opening. The Sensex is down 416.41 points or 1.5 percent at 27191.41 and the Nifty is down 129.80 points or 1.5 percent at 8242.95. The 50-share index is at a 2 month low. About 135 shares have advanced, 847 shares declined, and 22 shares are unchanged.
SBI, Bharti, Vedanta, Axis Bank and L&T are major laggards in the Sensex.

The Indian rupee continued its downtrend, hitting a fresh two-year low. The currency has opened at 65.73 per dollar, down 19 paise compared to previous day's closing value of 65.54 per dollar.

Pramit Brahmbhatt of Veracity said, "The rupee is expected to depreciate as overnight US equities traded weak and closed in red. Negative sentiment in the market will also force local equity to open weak as Asian markets have already opened on a weak note. The range for rupee is seen between 65-66/dollar today."

The dollar fell against the major currencies as bets dwindle on the Federal Reserve raising US interest rates next month for the first time in nearly a decade.Most Asian equity markets slid to multi-month lows, tracking the hefty losses in offshore markets overnight, and as a survey on China's manufacturing sector slumped to a six-and-a-half-year low.Wall Street was hammered overnight, with the S&P 500 erasing gains for the year and ending at a more-than-six-month low. The Dow Jones Industrial Average and the Nasdaq Composite plunged 2.06 and 2.82 percent, respectively, as investors weighed continued uncertainty about the timing of a rate hike and global growth concerns led by the slowdown in China.