Domestic stock markets crashed big time early today as benchmark indices fell more than 1.50 per cent.
The 30-share Sensex was down as much as 850 points around 12.00 pm while the 50-share Nifty tumbled nearly 250 points to test the 10,600-mark.
A falling rupee weighed heavy on investor sentiment. The local currency plunged to its fresh record low of 73.77 against the dollar early Thursday. The Indian unit on Wednesday crashed below the 73 mark against the dollar for the first time ever. The dollar index stood tall against other currencies, boosted by a spike in Treasury yields following upbeat US data and comments from Federal Reserve Chairman Jerome Powell that were seen as hawkish.