Indian equity market fell prey to falling industrial production growth, sliding rupee and rising European woes on the first day of trading week. The 30-share BSE Sensex dropped 365.23 points, to close at 16,501.74. The 50-share NSE Nifty has managed to hold the 4900 mark amid sell-off, though it lost 112.65 points, to close at 4,948.80.
Benchmarks cracked as July Industrial output data came in at dismal 3.3% against 8.8% in June and rupee fell to 47 to a dollar.
Rajesh Agarwal, Head of Research at Eastern Financiers said the market has already seen a cut.
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