Sensex and Nifty witness losses of more than 1% in afternoon trade

The Sensex and the Nifty witnessed losses of more than one percent in the afternoon trade. Both indices declined amid fall in the global share markets. The Sensex plunged 742 points, or 1.28 percent, to trade at 57,357. The Nifty also declined 246 points, or 1.42 percent, to trade at 17,081.

In the forex market, the rupee also weakened 62 paise to trade at 81 rupees and 61 paise against the US dollar in afternoon deals.