Sensex plunges in afternoon trade along with a freefalling Indian rupee against US dollar

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Bank shares lead the decline on fears of foreign selling after Indian rupee hits another record low. Reuters Bank shares lead the decline on fears of foreign selling after Indian rupee hits another record low. Reuters
SummaryYet another day of plunging stocks has made banks shares plunge, but metal companies are soaring.

The benchmark India market index BSE Sensex is down 0.2 percent, while the broader NSE Nifty is down 0.47 percent, heading towards their fifth consecutive day of decline alongside a freefalling Indian rupee against US dollar, which fell below the 65 mark early today. ICICI Bank shares are down 2.5 percent, while HDFC Bank shares have fallen 2.3 percent.

Bank shares lead the decline on fears of foreign selling after Indian rupee hits another record low.

Shares in metal companies gain on expectations for a pickup in China after HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.

Tata Steel shares gained 4 percent, while Hindalco Industries Ltd shares are up 1.3 percent.

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