Closing Market Update:Bearish trend continues on D-Street: Markets continued its steep downfall and closed lower as weak monsoon forecast raised fears of drought while delay in further rate cuts and slow pace of recovery in the economy dampened sentiments. Meanwhile, India's services activities dropped for the first time in the span of thirteen month on lack of demand which weighed on the bourses. The Sensex plunged 351 points to close at 26,837 and the Nifty dropped 101 points to end at 8,135. At 3.35 PM, the rupee was trading at 63.93 against the US dollar after hitting an intra-day low of 64 tracking weakness in local equities.
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