Wall Street selling spills over to India; Sensex, Nifty shed over 1.5%

Sensex, Nifty shed over 1.5% in intra-day trade

The benchmark indices fell sharply for the second time this week, amid a global sell-off triggered by the decline in big US technology companies, who had driven this year’s market rebound.

The Sensex nosedived 634 points, or 1.63 per cent, to end at 38,357 — its lowest level in two weeks.

On similar lines, the Nifty plunged 1.7 per cent or 194 points to close at 11,334, with only one of its 50 components posting gains.  For the week, the index declined 2.7 per cent — its biggest weekly drop since early May.

Both indices had shed more than 2