BSE Sensex falls nearly 283 points,erasing its gains for the year,while the Nifty is down around 80 points.
Worries over an early end to the U.S. stimulus,India’s record current account deficit and a depreciating rupee weigh.
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Banks fall after RBI issued draft guidelines that would require banks to make higher provisions and increase risk weights on exposure to companies that have unhedged foreign-currency exposure.
State Bank of India falls 3.5 percent and HDFC Bank is down 1.2 percent.