Sensex, BankNifty, Midcap fall over 3%; Tata Motors down 6%

Shares of Astra Microwave Products gained 1 percent on the back of formation of joint venture (JVC) with Rafael Advanced Defence Systems, Israeli. The company has signed a term sheet for joint production and supply of Tactical Radio Communication systems, Electronic war-fare systems and Signal intelligence systems.

The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About USD 20 million is expected to be invested in the first two years in the JVC, as per BSE Release. ASTRA and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals.
 

Market Update: The Sensex crashed 1,053.64 points or 3.85 percent to 26312.43 and the Nifty plunged 321.10 points or 3.87 percent to 7978.85. About 233 shares have advanced, 1895 shares declined, and 36 shares are unchanged on the BSE.
 

Bank Nifty lost over 900 points. 10:20 am Crude below $40/bbl: Crude prices dived in Asia today, with US oil hovering below the key USD 40 a barrel mark amid deepening concerns about weak Chinese economic growth and global oversupply, analysts said. US benchmark West Texas Intermediate (WTI) for October delivery fell USD 1.04 to USD 39.41 while Brent crude for October eased 91 cents to USD 44.55. WTI extended losses after briefly dipping to USD 39.86 on Friday in New York -- breaking USD 40 for the first time in six years after data showed an increase in US oil rigs despite ample global supplies. "Soft manufacturing data from China and continued increase in weekly rig count led to the sharp sell-off" in oil prices, said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at consultancy EY. A much weaker-than-expected manufacturing report on Friday also added to concerns energy demand is also waning in China. 

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