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Sensex tanks over 500 points, Nifty slips below 10,600

Global stocks extended their slump on Monday, with US equity futures and Asian shares sliding.

Sensex tanks over 500 points, Nifty slips below 10,600

New Delhi: Sensex tanked over 500 points while the Nifty slipped below 10,600 as investors remained cautious ahead of poll outcome in five states.

The BSE Sensex fell 553.58 points or 1.55 percent to 35,119.67 in early trade while the NSE Nifty dropped 156.65 points or 1.46% percent 10,537.05.

Weak rupee and crude oil price rise amid escalation in US-China trade tensions also weighed upon investors' sentiments.

Top losers include Reliance Industries, Adani Ports, PowerGrid, Coal India, Asian Paints, Kotak Bank, ONGC, Vedanta, Yes Bank, Bharti Airtel, Hero MotoCorp and ICICI Bank, falling up to 4 percent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 817.40 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 242.56 crore, provisional data available with BSE showed.

Global stocks extended their slump on Monday, with US equity futures and Asian shares sliding on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing could quash chances of a trade deal, a Reuters report said.

S&P futures fell 0.8 percent and Dow futures lost 0.8 percent in the Asian day.

MSCI`s broadest index of Asia-Pacific shares outside Japan slid 1.4 percent to a near three-week low. The Shanghai Composite Index retreated 0.8 percent. Australian stocks lost 2 percent, brushing its lowest level since December 2016, and South Korea`s KOSPI fell 1.1 percent.

Japan`s Nikkei shed 2.3 percent. Data early in the session showed the economy contracted the most in over four years in the third quarter as companies cut capital spending amid uncertainty over global demand and trade tensions.

With Agency Inputs