The BSE Sensex tumbled📉 by over 159 points to 25,679 on Tuesday due profit-booking amid weak global🌐 cues. Nifty 50 index opened 26.90 points down🔻 at 7,828.15. Asian🌏 stocks too dropped as investors prepared themselves for two key central bank policy meetings in the US🇺🇸 and Japan🇯🇵. US stocks fell on Monday due to low oil🛢 prices with the S&P 500 falling 0.18% to 2,088. The INR🇮🇳 weakened by ₹0.17 to ₹66.79 against the US dollar💲. Godfrey Phillips India shares were trading 10% down at ₹1,016.50.
Meanwhile the Finance Ministry💰 has announced an interest rate of 8.7% for EPF subscribers (employees’ provident fund) for FY16. This is now 🔟% points lower than the rate prescribed by the EPF Organisation’s Central Board of Trustees (CBT), provoking protests✊ from trade unions which have called it an infringement of the CBT & EPFO.