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The S&P BSE Sensex plunged as much as 165 points in trade on Wednesday, led by losses in HDFC, ICICI Bank, ITC, Tata Motors and Coal India Ltd. The 50-share Nifty index slipped below its crucial psychological level of 8450 and was trading around its next support level of 8400, weighed down by losses in metal, consumer durable, metals, FMCG and power stocks. 

The Indian rupee dropped sharply on Wednesday to touch its weakest level against the dollar since 2013, as China's move to devalue the yuan sparked fears of a global currency war.
The partially convertible rupee weakened to as much as 64.66 per dollar shortly after trading opened, its weakest level since September 2013, when the country was in the midst of its worst currency turmoil since the 1991 balance of payment crisis.

The rupee was trading at 64.65/66 per dollar by 0337 GMT, weaker than its 64.19/20 close on Tuesday.Selling pressure was visible across the board barring few pharma stocks. Barring Tata Steel, other metal stocks were facing the heat of selling pressure.

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