Sensex slumps over 250 pts, Nifty opens below 8550; banks drag

The market has opened with severe cuts as Federal Reserve meeting on rate decision ends today while global peers are also rattled. Asian markets were weak after Wall Street's "fear index" spiked on jitters over the US presidential election.

The Sensex is down 276.16 points or 0.9 percent at 27600.45 and the Nifty is down 91.20 points or 1 percent at 8535.05.

About 262 shares have advanced, 952 shares declined, and 26 shares are unchanged.

Axis Bank, Tata Motors, L&T and Reliance were losers in the Sensex.

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