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Nifty down over 170 points; India VIX surges 14%

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826
Equity benchmark indices opened on a weak note on negative global cues, with the Nifty dropping below the psychological 10,900 marks in early trade.

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826.

The rupee opened at 70.06 against the US dollar on Monday, extending losses from the previous session and its lowest level since May 17. The rupee fell 66 paise from its Friday’s close of 69.60/$.

The market breadth, indicating the overall health of the market, was weak. On the NSE, 279 shares rose and 1,283 shares fell. A total of 500 shares were unchanged.

Vedanta, Tata Motors shares are among the biggest losers, shedding more than 5% each. Infosys, TCS, and HDFC are the only shares trading in the green on Monday morning.

Shares of Sun Pharma slipped 1% after the pharma company said it is discontinuing operations at two clinical pharmacology units in Vadodara (Gujarat) to bring in efficiencies in cost and processes.

Oil prices fell amid concerns about weaker crude demand after US President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade war between the world’s two largest economies.

Overseas, China’s yuan fell past 7 per dollar, a level that had long been a focus for investors as a line in the sand for the country’s policymakers. The move pulled other Asian currencies down with it and exacerbated a sell-off in stocks.

On the political front, Authorities stepped up security in tensed Jammu and Kashmir on Monday as the movement of several senior leaders, including Mehbooba Mufti and Omar Abdullah, was restricted and mobile internet services snapped in fast-paced developments on Sunday night.
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