Mumbai: The BSE benchmark Sensex tumbled by 126 points to 18,792.94 in the late morning deals due to heavy selling pressure from operators mainly in Metal, Realty, FMCG, Consumer Goods, Power and PSU sectors, triggered by weak Asian cues.
The Sensex resumed slightly higher at 18,920.90 and moved up further to 18,930.86, but declined immediately to 18,760.41 before quoting at 18,792.94 at 1015 hours, showing a net loss of 125.58 points, or 0.66 percent, from its last weekend's level.
The NSE 50-share Nifty also declined by 40.15 points or 0.70 percent to 5,679.55 at 1015 hours.
Major losers were Sterlite Ind (2.79 percent), Jindal Steel (2.54 percent), Bajaj Auto (2.43 percent), Hindalco Ind (2.22 percent), HUL (2.08 percent), Larsen (2.05 percent) and ITC (1.91 percent).
Asian stocks dropped in the early trade after China tightened mortgage rules to cool the property market. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by 0.22 percent to 2.86 percent.
The Chinese government announced fresh measures to take the heat out of the nation's property sector, including higher down-payments and mortgage rates.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 626.89 crore on last Friday as per the provisional data from the stock exchanges.