Equity benchmark Sensex slumped over 350 points in early trade today, tracking losses in index majors Tata Steel, HDFC twins and ICICI Bank amid thin trade in global markets.
The 30-share Sensex was trading 355.27 points or 0.60 per cent lower at 58,660.62. Similarly, Nifty fell 108.50 points or 0.62 per cent to 17,476.65 in initial deals.
Tata Steel was the top loser in the Sensex pack, sinking nearly 6 per cent, followed by Bajaj Auto, M&M, HDFC, PowerGrid and Maruti.
On the other hand, Tech Mahindra, HUL, HCL Tech and TCS were among the gainers.
In the previous session, the 30-share index settled 125.27 points or 0.21 per cent lower at 59,015.89, and Nifty slipped 44.35 points or 0.25 per cent to close at 17,585.15.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,552.59 crore on Friday, as per provisional exchange data.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets are likely to turn volatile from now on.