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Sensex, Nifty Fall Over 2% On Weak Global Cues

Indian shares tumbled on Monday amid across-the-board selling, tracking weak global cues. Investor sentiment took a hit after reports suggested that several global banks moved large sums of allegedly illicit funds over nearly two decades.

A new investigation by the International Consortium of Investigative Journalists (ICIJ) said that JPMorgan Chase & Co., Deutsche Bank AG and several global banks kept profiting from powerful and dangerous players in the past two decades even after the U.S. imposed penalties on these financial institutions.

In case of India, the Financial Crimes Enforcement Network (FinCEN) leaks so far established sender-receiver connections for 406 transactions involving all major banks, including the country's largest, State Bank of India.

Surging cases of Covid-19 in Europe, a lack of U.S. stimulus and rising tensions between Washington and Beijing also kept investors nervous.

The benchmark S&P BSE Sensex plunged 811.68 points, or 2.09 percent, to 38,034.14, while the broader NSE Nifty index ended down 282.75 points, or 2.46 percent, at 11,222.20.

JSW Steel, Tata Steel, Hindalco, Tata Motors and IndusInd Bank fell 6-9 percent in the Nifty pack, while IT stocks such as TCS and Infosys ended modestly higher, paring early gains.

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