Indian markets fell sharply on Thursday after a crash in China stocks triggered a fresh global selloff. The Sensex tumbled 554 points to close at 24,851 - its lowest since June 4, 2014.The Nifty slumped 172 points to 7,568.Trading in China markets was suspended today less than half an hour after opening as Shanghai shares tanked more than 7 per cent following a sharp fall in its currency yuan. This is the second time this week trading was suspended in China for the day.The rupee ended lower at 66.93/dollar against Wednesday's close of 66.82, continuing its recent weakness amid a depreciation of the Chinese yuan.The selling pressure in Indian markets was broad-based today with shares of just one company (Bharti Airtel) ending higher out of the Nifty 50 basket. Anil Manghnani, director of Modern Shares & Stock Brokers, said 7,540 is a crucial level for Nifty and if this level is breached, the index risks falling to 7,300 levels.In the Indian markets, metal stocks came under strong selling pressure on concerns that the depreciation of the Chinese yuan could make imports cheaper. Oil stocks also tumbled following global crude prices plunging to 11-year lows. Cairn India slumped 8 per cent while ONGC tumbled 4.6 per cent. Among the metal stocks, Vedanta plunged 8.7 per cent while Tata Steel fell 7 per cent.The crash in China markets also triggered a sharp fall in other Asian markets . Japan's Nikkei shed 2.3 per cent while Hong Kong's Hang Seng plunged 3 per cent. European markets also fell sharply with major stock market indices in the region down nearly 3 per cent. The Wall Street also ended sharply lower with Dow slipping 2.3 per cent.Analysts attributed the crash in China market to the sharp fall of the nation's currency yuan - which fell to lowest since March 2011, deepening concerns about the economy and the potential for competitive devaluations by other countries.The Chinese central bank, People's Bank of China, today set the exchange rate for yuan at 6.5646 per dollar, 0.50 per cent weaker than the previous day's fix of 6.5314. This is the biggest single-day fall of yuan since August. This is the eighth day in a row, China has set its currency lower.A surprise devaluation in August last year saw China lowering the yuan nearly 5 per cent against the dollar in a week, sending tremors through global markets on concerns Beijing was struggling to control a slowdown in growth.The World Bank on Wednesday cut its global economic growth forecast for 2016, citing concerns over the performance of major emerging market economies like China and Brazil.The depreciation of China's currency comes at a time when the US is looking to tighten its monetary policy. "This is perfect storm of everything coming together," said Michael Every, head of financial markets research for Asia-Pacific, at Rabobank. “The more China devalues, they send the message that they would be exporting more. Effectively, China is exporting deflation to the rest of the world which is already struggling with deflation."