China jitters drag indices: Sensex drops 273 pts, Nifty slips below 15,750

Market players said the developments in China has promoted several foreign funds to prune their exposure to the entire emerging market (EM) pack

The Indian markets dropped for the second consecutive session, along with global equities, as the sell-off in the Chinese markets deepened amid worries over Beijing’s regulatory crackdown.

The Sensex slipped as much as 419 points in intraday, before recouping some of the losses. The 30-share index fell 273 points, or 0.52 per cent, to end at 52,579. The Nifty50 index declined 78 points, or 0.5 per cent, to close at 15,746.  Foreign portfolio investors (FPIs) continued with their selling spree, pulling out Rs 1,459 crore worth of shares on Tuesday. Their domestic counterparts provided buying support to the tune of Rs