Nifty, Sensex tank more than 1%; here’s what is dragging share market today

Indian stock markets fell on Monday amid weak global cues. The S&P BSE Sensex was down 600 points or over 1.08% above 59,000 while the NSE Nifty 50 index was close to 200 points

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Bank Nifty was down more than 1.5% while India VIX rose 4% and broke 19 levels. According to analysts, today's profit-booking could be due to a jump in the dollar index and sharp commentary from the US Fed.

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Additionally, the minutes of the Reserve Bank of India's policy meeting signalled further interest rate hikes in the coming months, which spooked investors.

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Indian stock markets are witnessing profit booking after the rally. Profit-booking can be attributed to weak global cues as the dollar index rose amid US Fed commentary.

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Technically, nifty slipped from the psychological barrier of 18,000 as most momentum indicators were showing more buying," said Santosh Meena, head of research, Swastika Investmart Ltd.

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Note that the dollar index is back above the 108 level, while the US 10-year yield is at 2.99 percent on concerns of a global growth slowdown and tightening of the US Federal Reserve.

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Friday's trend continues. Overall, the market has seen a sharp growth of ~17% since mid-June despite poor Q1FY13 results. Forward earnings estimates for Nifty have fallen by c.

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