Hit by concerns over certain Budget proposals and a sell-off in global markets, the BSE benchmark Sensex plunged almost 310 points to close at a three-week low of 34,757.16 and the NSE Nifty fell over 94 points to 10,666.55 as investors continued their selling spree on Monday.
Nifty 50 fell 390 points to 10,276.30 in opening trade.
The BSE Sensex has now lost 1,769.08 points since the Budget on February 1, which imposed a long-term capital gains tax on equities and projected a wider fiscal deficit than earlier targeted.
Meanwhile, the S&P BSE Sensex was down 1,006.43 points, or 2.9% to 33,750.73. All these counters have started correcting and the way their short term charts are shaped up, we do not expect any relief soon in the market.
The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points - down 561.22 points or 1.61 per cent - from its previous close at 34,757.16 points.
At 9:44 am: The markets recovered from the opening lows but continued to trade sharply lower. Nifty too came under intense selling pressure falling 279 points or 2.6% at 10,388 level.
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BSE Sensex closes at 342 points that is 0.96% higher; the final closure was at 36,140 points. On Monday, the Indian currency closed flat at 64.07 against the USA currency amid sharp losses in local equities.
The trigger for the sell-off was a sharp rise in United States bond yields following Friday's data that showed U.S. wages increasing at the fastest pace since 2009, raising the alarm about higher inflation and with it potentially higher interest rates.
Considering the fall is driven by global factors, investors should stay long in Indian markets, said experts. Domestic funds, on the other hand, recorded a net buying figure of Rs 1,164 crore.
Out of 2,044 stocks traded on the NSE, 436 advanced, 1,272declined and 336 remained unchanged today.
The rupee appreciating further to 64.68 against the dollar (intra-day) at the forex market too fuelled the rally.
Japan's Nikkei dropped 4.6 per cent. Both Sensex and Nifty fell about 3.5 percent, biggest fall since August 2015. Australian shares dropped 3.0 percent to their lowest since October while South Korean shares fell 3.0 percent.