The Sensex was down 102 points at 19,277.17 while Nifty was off 32 points at 5,703.25. The White House ordered government agencies to begin shutting down after Congress failed to find a compromise on a government spending bill before the deadline.
Gautam Shah, associate director and chief technical analyst at JM Financial Services, said the recent correction in the Indian market is a retracement of the rally in September. He sees Nifty heading toward 5500 levels adding that the global cues looking quite shaky.
"We urge Congress to act quickly to pass a continuing resolution to provide a short-term bridge that ensures sufficient time to pass a budget for the remainder of the fiscal year, and to restore the operation of critical public services and programs that will be impacted by a lapse in appropriations," said Sylvia Burwell, director of the Whit e House Office of Management and Budget, in a statement.
The White House budget director late Monday ordered federal agencies to begin closing down after Congress failed to pass a budget to avert a government shutdown.
"Agencies should now execute plans for an orderly shutdown due to the absence of appropriations," said Sylvia Mathews Burwell, director Of the White House Office of Management and Budget in a memo.
The rupee was flat though it gave up most of its early gains, with the currency finding some support from a lower-than-expected June quarter current account gap.
India's current account deficit grew less than expected in the June quarter and is tipped to ease in coming months as a pick-up in exports and lower gold imports improve the trade balance, offering relief to the battered rupee.
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