Market slumps on Monsoon, Inflation and Growth concerns: The Sensex slumped 661 points and the Nifty dropped nearly 200 points on Tuesday, even as the rate cut by the RBI was in line with street expectations, as downgrade of monsoon forecast raised fears of higher inflation adding to the uncertainty of further easing of key policy rates in the near future. Meanwhile, the slow pace of recovery in the economy also weighed on market sentiment. The 30-share Sensex ended down 661 points at 27,188 and the 50-share Nifty closed 197 points lower at 8,236. The India Meteorological Department has downgraded monsoon forecast to 88% of the long-term average as against the earlier forecast of 93%, raising fears of a drought. The Indian rupee also extended losses and was trading at 63.89 to the US dollar compared to the previous close of 63.70 tracking weakness in equities and dollar demand from importers.