Mumbai: Domestic equity benchmark BSE Sensex plunged over 400 points in early trade Monday amid heavy foreign fund outflow and weak domestic as well as global cues. The 30-share index was trading 373.14 points or 0.97 per cent lower at 37,963.87 at 0930 hours; and the broader Nifty also sank 116.80 points or 1.02 per cent to 11,302.45.
In early trade, HDFC Bank was among the top losers in the Sensex pack, cracking up to 3 per cent, after the lender reported a rise in non-performing assets (NPAs).
During the quarter, gross NPAs rose to Rs 11,768.95 crore which is 1.40 per cent of the total advances, compared with Rs 9,538.62 crore which was 1.33 per cent in the same quarter 2018-19 fiscal.
With domestic investors already battling concerns of a slowing economy, markets are witnessing broad-based selling, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
“The market reaction post the BJP victory in 2019 is in stark contrast to the bullish tenor in 2014, and market participants expecting a repeat of 2014 are clearly disappointed, he added.
Meanwhile, the Indian rupee depreciated 22 paise (intra-day) to 69.02 against the US dollar.
The global oil benchmark Brent crude futures were trading 1.34 per cent higher at 63.31 per barrel.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions.