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A Black Monday, indeed, for Indian stocks on August 24 as a wave of selling, driven by growing fears of a damaging slowdown in the Chinese economy, swept markets across the world. An across-the-board selloff dragged the S&P BSE Sensex down 5.9% to close at 25,741.56, the most since January 2009. The rupee fell over 66 for a dollar for the first time in two years. Global equities have lost more than $5tn since China’s shock currency devaluation on August 11 amid growing fears that the slowdown in the world’s second-largest economy may be deeper than estimated. The rout is also eroding confidence that the global economy can withstand higher US interest rates amid retreating wagers on a September liftoff. The Sensex has dropped 8.4% in August, but is the largely sentiments-dri...

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