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Sensex sheds 626 points in biggest fall
August, 18th 2009

Dalal Street suffered its sharpest-bruising in almost two months on Monday when it plunged nearly 4.1 per cent even as a global sell-off after a disappointing US consumer sentiment report reignited concerns about the global economic recovery. The BSE Sensex plunged 626.71 points at 14,784.92, its lowest close since August 17 and largest drop since July 6 as a poor monsoon season and global wariness over the strength of an economic recovery triggered worries that foreign investors would retreat from the country after fuelling a recent rally.

As per the Bombay Stock Exchange data, foreign investors were heavy sellers on Monday and pulled out Rs 1,229 crore. With this, total foreign fund outflows in August amounted to Rs 3,590 crore. Higher capital outflows also hit the rupee which fell to the 49 level.

Adding to the weak sentiment, European shares were lower on Monday, retreating for a second day. Key benchmark indices in France, Germany and UK were down by between 1.92 per cent to 2.52 per cent.

Asian stocks dropped for the first time in three days after the consumer data. China, Hong Kong, South Korea, Singapore and Taiwan fell by between 1.95 per cent to 5.79 per cent. Japan's Nikkei 225 Stock Average fell 3.1 per cent even as a government report showed the country's economy grew for the first time in five quarters.

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