Sensex cracks over 500 points; Nifty dips below 8,700-mark

Zee Media Bureau

New Delhi: The BSE benchmark Sensex cracked over 500 points while the NSE Nifty fell below 8,700-mark in early trade Monday on heavy sell-off triggered by the talk that the Federal Reserve might be serious about lifting US interest rates as early as next week.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.2 percent, pulling away from a 13-month peak. It was the largest daily drop since the frenzy caused by Britain's vote in late June to leave the European Union.

Shanghai followed with a fall of 1.7 percent, while Australian stocks sank 2.2 percent.

The Nikkei 225 lost 1.5 percent as the yen firmed due to risk aversion and yields on 10-year JGBs briefly hit the highest since March before paring losses.