New Delhi: The markets opened in deep red on the back of selling pressure across the board in line with global peers.
The Benchmark Sensex tumbled over 300 points in early trade on the Bombay Stock Exchange.
Most of heavy weight stock led by Hindalco Industries have lost substantial ground on fund selling.
Shares of Hindalco Industries, reacted negatively after the company announced the acquisition of the US-based aluminium firm, Novelis for six billion dollars in an all-cash deal.
Hindalco is trading down over 11 per cent and all sensex stocks are in red except Wipro and ONGC.
Shares of Reliance Communications also witnessed a fall of over 4 per cent in early trade on Monday.
At 1113 hrs IST, the Sensex was down 320.95 points or 2.21 per cent at 14217.95, and the Nifty was down 89.55 points or 2.14 per cent at 4097.85.
About 234 shares have advanced, 2046 shares declined, and 24 shares remained unchanged.
Top gainers on the Sensex are ONGC at Rs 886.90 up 0.36 per cent and Wipro at Rs 643.90 up 0.26 per cent.
Top losers on the Sensex are Hindalco at Rs 154.90 down 10.59 per cent, Reliance Comm at Rs 452 down 4.95 per cent and NTPC at Rs 140 down 3.45 per cent.
Top gainers on the Nifty are Wipro at Rs 645.50 up 0.37 per cent, HDFC at Rs 1,819 up 0.12 per cent and ONGC Rs 885 up 0.12 per cent.
Top losers on the Nifty are Zee Entertain at Rs 269.00 down 25.55 per cent, Hindalco at Rs 156.55 down 9.9 per cent and Suzlon Energy at Rs 1,148.10 down 7.79 per cent.
Index heavyweight Hindustan Lever was trading at Rs 200.70 down 0.94 per cent from its previous close of Rs 202.60.
Index heavyweight Reliance was trading at Rs 1,379 down 0.67 per cent from its previous close of Rs 1,388.25.
Tech major Infosys was trading at Rs 2,339down 0.96 per cent from its previous close of Rs 2,361.65.
Cigarette major ITC was trading at Rs 175 down 0.77 per cent from its previous close of Rs 176.35.
Refinery major HPCL was trading at Rs 286.55 down 1.27 per cent from its previous close of Rs 290.25.
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