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Global Stock markets go into meltdown mode

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Stock markets around the world went into meltdown mode on Monday  on increasing concerns about China. At the domestic markets, the Sensex at the Bombay Stock Exchange sank a mammoth 1,625 points–its biggest ever single-day fall–to close at 25,742, on intense, across-the-board selling pressure.

The Nifty at the National Stock Exchange crashed 491 points, to 7,809. The Chinese stock market tumbled 8.5 percent.

Finance Minister Arun Jaitley has attributed the stock market crash to global turbulence saying that the government and RBI are watching the situation closely.

Talking to reporters on the sidelines of a function in New Delhi, Jaitley said there has been for the last few days a great amount of turbulence in the global markets which had impact on Indian market itself. He expressed hope that things will stabilise once the transient impact is over.

He said the factors responsible for this are entirely external and not a single domestic factor in India which has contributed to it . He also underlined the need for strengthening the economy to deal with the impact of global developments.

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