Equity benchmark Sensex dropped over 400 points in opening session on May 12 dragged by losses in index-heavyweights HDFC twins, Reliance Industries and ICICI Bank amid weak cues from global markets.
After touching a low of 31,097.50, the 30-share index was trading 400.20 points or 1.27% lower at 31,161.02.
Similarly, NSE Nifty declined 103.95 points, or 1.13%, to 9,135.25.
Asian Paints was the top loser in the Sensex pack, falling over 3%, followed by HDFC duo, Maruti, ONGC, HUL, ICICI Bank and Kotak Bank.
On the other hand, UltraTech Cement, Tech Mahindra, Sun Pharma, ITC and NTPC were trading higher.
In the previous session, the BSE barometer settled 81.48 points or 0.26% lower at 31,561.22, and the broader Nifty fell 12.30 points, or 0.13%, to 9,239.20.
Foreign portfolio investors purchased equities worth ₹534.87 crore in the capital market on May 11, provisional exchange data showed.
According to traders, weak cues from global markets on fears of a second wave of coronavirus infections spooked investors across Asia.
After weeks of no new cases, Wuhan, the central Chinese city where the outbreak first emerged, reported six new infections in two days and South Korea announced its biggest spike in new cases in more than a month.
Following the reports, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses.
On Wall Street, stock exchanges settled on a positive note.
International oil benchmark Brent crude futures were trading 0.24% higher at $29.70 per barrel.