Among the top losers in trade were the banking names with even blue chip banking names like HDFC Bank, ICICI Bank and IndusInd banking collapsing in trade.
Metal stocks joined banking names lower with Tata Steel and Jindal Steel losing more then 4 per cent each, while Sesa Goa was down 3.5 per cent.
IT stocks were the only stocks that held out in trade today with notable gainers being TCS, Infosys and HCL Tech. ITC, which has the highest weightage in the Nifty and the Sensex managed to hold ground and was trading marginally higher.
Blue chip construction and infra major Larsen and Toubro fell 4 per cent in early trade, while Jaiprakash was also down 3 per cent.
The auto pack which had shown some resilience in trade in the last few weeks also succumbed to selling pressure with notable losers from the space being Tata Motors, Bajaj Auto and Bharat Forge.
Gitanjali Gems which was locked at the upper end of the circuit filter was trading marginally lower, while Wockhardt finally saw some trading after opening from Friday's 5 per cent upper limit band.
Coal India was down 2 per cent, after reports of employee strike at the company. Hero Motor Corp which was among the few stocks that remained resilient in Friday's carnage fell in trade today despite reports of the two-wheeler re-organising its marketing team at the zonal level.
Meanwhile, most of Asia was trading with losses led by a sharp decline of more then 3 per cent in the Jakarta Composite.