The Sensex and the Nifty began the week on a dismal note after reports that the Supreme Court-appointed SIT has asked regulator Sebi to compulsorily identify real owners of foreign funds coming through the P-Note route.
The rupee too weakened and was last trading at 64.04 to the dollar. Check rupee rates here
The Sensex dropped a huge 250 points and the Nifty fell 75 points. Among the early losers in trade were Tata Motors, Axis Bank, ICICI Bank and GAIL.
NTPC, Lupin and Cipla managed to hold ground in a falling market. Shares in Reliance Industries was trading flat after the company reported results that matched expectations. Tech Mahindra was trading higher by 1 per cent ahead of its results to be declared later today.
Other IT stocks were having a bad day in trade with Infosys and TCS among the losers. Banking stocks were also seeing selling pressure despite a good set of results from Axis Bank.
Mid cap shares were also lower in line with the indices with stocks like Bank of India, Crisil and Havells among the major losers.
Meanwhile, markets across Asia were trading with losses on weak global cues awaiting the outcome of a 2-day US Fed meet later this week.