Sensex slumps 2.1 per cent on global market falls, dimming rate cut hopes

Mumbai: The BSE Sensex slumped as much as 2.1 percent on Tuesday to head towards its biggest daily fall in more than five months as the turmoil in global markets is raising concerns the RBI will delay cuts in interest rates.

Global markets tumbled as a downbeat China factory survey and Russia's sharp increase in interest rates reinforced concerns about the global economy at a time of sliding oil prices.

Among blue-chips, ICICI Bank lost 4.2 percent, while ITC declined 3.3 percent.

The Nifty lost as much as 1.96 percent to mark its lowest intraday level since October 29.

The BSE Sensex was down 1.7 percent, heading towards its biggest daily fall since July 8.