Sensex dips 604 pts, ` by 39p per $

Fears of an earlier-than-expected rate hike by the US Federal Reserve spooked stock market investors on Monday with the Sensex tanking 604 points to 28,844.78 and the Nifty index tumbling 181 points to 8,756.75. The rupee plummeted 39 paise to close at 62.55 against the greenback. Strong US jobs data that showed February unemployment fell to the lowest since May 2008 has triggered speculation that the Federal Reserve will lift rates from near-zero soon.