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Sensex nosedives 2% to end at 34,959.72 on exit poll results, weak global cues

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The share markets went into a tailspin on Monday with the Sensex crashing 713.53 to end at 34,959.72 points and the Nifty50 dropping 1.9% or 205.25 points to close at 10,488.45 on exit poll results and global cues.

The market went into a tailspin in early trade with the Sensex crashing over 650 points and Nifty down over 200 points over a possible loss for the ruling BJP in the three key states and. Twenty-eight of 30 stocks in Sensex ended lower.

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The rupee also depreciated 59 paise to 71.40 against the US dollar in early trade today amid strengthening of the US dollar against some currencies overseas.

Global factors that impacted investor sentiment today include rising global crude oil prices. Opec members and ten other oil producing nations agreed Friday to cut output by 1.2 million barrels a day from January 1 in a bid to boost prices.

Moreover, Asian markets were broadly lower on Monday after China protested the arrest of a senior executive of Chinese electronics giant Huawei, who is suspected of trying to evade US trade curbs on Iran.

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