BSE Sensex plunged 505.13 points to end at 37,585.51, on Monday while the Nifty50 settled 137.45 points lower at 11,377.75 dragged mainly by heavy losses in financial stocks such as HDFC.
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The rupee weakened against the dollar despite the government measures. At 2 pm, the rupee was trading at 72.48 a dollar, down 0.87% from its previous close of 71.86.Over the weekend, the government announced several steps to prop up capital inflows and to curb “non-essential” imports, while sticking to its fiscal deficit targets. Moreover, continued selloffs in global markets also added pressure.