Sensex tanks over 500 points on global sell-off over US Federal Reserve rate concern

The benchmark BSE Sensex tanked over 500 points on Monday morning to 28,251 on weak global cues. 29 of 30 index stocks were in the red. The Nifty broke below the 8,700-level in the opening tradeon Monday on heavy selling after revived speculation about a possible rate hike. Moreover, the rupee depreciating by 25 paise to 66.93 against the dollar in opening trade at the forex market also had a bearing on the sentiment.