A benchmark index for Indian equities markets slumped almost two percent Monday, taking a cue from the sell-off in global markets, which were spooked by reports of Greece's debt situation worsening and a weakening European economy.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,255.97 points, closed at 16,151.45 points, down 1.84 percent or 302.31 points from its previous close at 16,453.76 points.
The Sensex touched a low of 16,056.33 points in the intra-day.
The 50-scrip S&P CNX Nifty of the National Stock Exchange closed 1.90 percent or 93.75 points down at 4,849.50 points.
Selling pressure was across the board as all the sectoral as well as broader markets closed in the red.
The BSE midcap index slumped 1.90 percent at 6,013.42 points and the BSE small cap index closed 1.48 percent down at 6,779.16 points.
There was heavy selling pressure in realty, metal and banking stocks. The BSE realty index tumbled 4.59 percent and the metal index slumped four percent.
Banking index of the BSE slumped almost three percent. ICICI Bank tumbled 4.12 percent at Rs.839.25. The country's largest lender State Bank of India, slumped 2.53 percent at Rs.1,862.75.
Major losers on the 30-scrip Sensex were: DLF, down 7.82 percent at Rs.201.55; Jindal Steel, down 6.02 percent at Rs.474.75; Hindalco Inds, down 5.45 percent at Rs.124.15; Tata Steel, down 4.95 percent at Rs.394.70; Sterlite Inds, down 4.30 percent at Rs.108.95; and Jaiprakash Asso, down 3.71 percent at Rs.70.10.
Prominent gainers included: Coal India, up 1.13 percent at Rs.336.50; ONGC, up 1.07 percent at Rs.268.55; Hero MotoCorp, up 0.87 percent at Rs.1,958.70; and Mahindra and Mahindra, up 0.85 percent at Rs.809.35.
Global markets were in a firm bearish grip over worries of a worsening Euro zone debt crisis.
Among Asian bourses, the Japanese Nikkei closed 1.78 percent lower at 8,545.48 points, while the Hong Kong's Hang Seng index was down a whopping 4.78 percent down at 16,750.65 points.
The Chinese markets were closed on account of a holiday.
European markets too were deep in the red. Around mid-day Britain's FTSE was down 1.78 percent at 5,037.19 points, the German DAX was ruling 2.19 percent down at 5,381.37 points.
The French CAC 40 was ruling 2.25 percent down at 2,914.81 points.