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Experts ask govt to take corrective steps after steep fall in market


Experts ask govt to take corrective steps after steep fall in market

New Delhi/ Mumbai, Aug 25 (ANI): India's top industry body urged the government and the federal bank to take corrective steps after market witnessed steep falls following a China-led sell-off across Asia. The Bombay Stock Exchange (BSE) Sensex and Nifty slumped nearly 6 percent on Monday, posting their biggest daily falls since January 2009 as steep falls in Chinese equities sparked widespread unrest in global markets.

The rupee also fell, hitting its weakest since early September 2013, and prompting Reserve Bank of India (RBI) Governor Raghuram Rajan to say he stood ready to deploy foreign exchange reserves to curb volatility in the currency. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said India could become a dumping ground if the current situation lasted for long.

Still, analysts believe Indian markets could be hurt less than other countries given its sturdier economic fundamentals, including a narrow current account deficit and the government's commitment

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