Sensex down 225 points in opening trade
The Bombay Stock Exchange benchmark Sensex tanked over 225 points in opening trade on Tuesday as funds sold heavily in line with the meltdown in overseas markets.
The 30-share index, which gained 23.94 points in Monday's volatile session, slumped 225.27 points, or 1.37 per cent, to 16,244.28 points.
All the sectoral indices, led by metals, IT and banking, were trading in the negative zone, with losses up to 1.68 per cent.
The wide-based National Stock Exchange index Nifty also fell sharply by 74.05 points, or 1.41 per cent, to 4,869.90.
Stock brokers said trading sentiment was dampened after selling by funds and retailers in tandem with a steep fall in the US and Asian bourses on Europe's deteriorating debt crisis.
Reliance Industries, which had gained over 3 per cent in Monday's trade, succumbed to profit-booking by speculators and was being traded 1.03 per cent down at Rs 1,010.90.
Other losers included Rcom, which fell by 3.92 per cent to Rs 142.10, while Infosys Technologies fell by 1.61 per cent to Rs 2,555, Sterlite Industries by 1.48 per cent to Rs 627, Tata Steel by 1.99 per cent to Rs 491, SBI by 1.36 per cent to Rs 2,212.50 and Tata Power by 1.25 per cent to Rs 1,227.05.
Meanwhile, the US Dow Jones Industrial Average ended 1.24 per cent lower in Monday's trade, while Japan's Nikkei was down 2.37 per cent and Hong Kong's Hang Seng fell 2.02 per cent in morning trade today.