BSE S&P index plunges 340 points in early trade

Bombay Stock Exchange's (BSE) benchmark S&P BSE Sensex plummeted 340 points to 29,108.26 during early Monday morning trade after rupee dropped 53 paise against the US dollar.
The 30-share index plunged by 340.69 points, (-1.16%) with all sectoral indices, led by IT, tech, banking and power, trading in negative zone with losses up to 2.09%, a Press Trust of India (PTI) said.
The 50-share Nifty index also dropped over 100 points, trading around its support level of 8800, weighed down by concerns in banks, IT, metal and power stocks Finance market experts say the rupee may drop further to 63 per dollar, citing data of an improving US economy.
The partially convertible rupee was at 62.69 per dollar, down 53 paise, against its previous close on concerns that the US Federal Reserve may raise interest rates sooner than expected.