Stock Market LIVE Updates: Sensex tanks 872 points to close at 58,774 amid weak global cues; Nifty settles at 17,491

The rupee recovered early losses to close flat at 79.84 (provisional) against the US dollar on Monday amid a strong greenback overseas and massive sell-off in equities. However, lower crude oil prices supported the local unit, forex dealers said.

Shares of Adani Power on Monday jumped 5 per cent after the firm said it will acquire DB Power at an enterprise value of Rs 7,017 crore. The stock climbed 5 per cent to settle at Rs 432.80 -- its highest permissible limit for the day -- on the BSE.

Bajaj Housing Finance hiked its rate by 0.50 per cent, and the lowest priced product for the salaried and professional applicants will be 7.70 per cent now, as per an official statement.

From the sensex pack, Tata Steel, Asian Paints, Larsen & Toubro, Wipro, UltraTech Cement, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Kotak Mahindra Bank and Axis Bank were the major laggards.

Sensex slips 872 points to close at 58,774; Nifty settles at 17,491

Investors are watching the annual Fed meeting in Jackson Hole, Wyoming, after minutes last week from the US central bank’s July board meeting affirmed plans for rate hikes despite signs of weaker economic activity.

In early trading the FTSE 100 in London lost 0.7% to 7,494.91 and Frankfurt's DAX fell 1.1% to 13,544.52. The CAC 40 in Paris sank 1.6% to 6,389.86.

Hong Kong stocks closed lower Monday, in line with a global retreat fuelled by concerns about rising interest rates, though mainland Chinese markets were lifted by an interest rate cut by the country's central bank. The Hang Seng Index lost 0.6 percent, or 116.05 points, to end at 19,656.98.

In afternoon deals as well, equity indices continue to be under pressure. Sensex is trading over 750 points lower at 58,893, while the broader NSE Nifty is down 231 points at 17,527.

The rupee was trading lower versus the dollar on Monday as China's yuan led a broader decline in Asian currencies on concerns over the Federal Reserve's rate hike path. The rupee was trading at 79.86 per US dollar by 0542 GMT, down from 79.7750 in the previous session, edging closer to its July 19 record low of 80.0650.

Shares of Paytm's parent One97 Communications rose 3.1% after the company's shareholders voted to reappoint Vijay Shekhar Sharma as managing director and chief executive officer, despite calls for his ouster by an investor advisory firm.