Indian equity market extended losses on Monday afternoon as the rupee went into a tailspin against the US dollar, plunging to a fresh record low of 72.50-mark.
Investor sentiment took further hit by subdued global cues driven by US president Donald Trump's latest threat to widen import tariffs against China.
The BSE Sensex traded 260 points lower, at 38,123, while the NSE Nifty 50 shed 84 points to trade at 11,505 at 11.41 am.
So far, the NSE index has ranged between a high and a low of 11,573 and 11,489 respectively. The BSE index started has ranged between a high of 38,354 and a low of 38,084.
Midcaps traded lower with the Nifty MidCap down by 0.65 percent. LargeCap also lost over by 0.74 percent.
Only IT and Teck traded positive out of 19 sectoral indices on the BSE. Consumer durables, telecom, finance, FMCG dipped over a percent.
On the NSE, Nifty bank was trading lower by 0.86 percent. PVT Bank was also weak by 0.83 percent.
Stock wise, HCL Technologies, Lupin, Axis Bank, Adani Ports, Infosys, Wipro and Tata Motors surged by 1.63 percent, while shares of UltraTech Cement, Bajaj Finserv, IndusInd Bank, BPCL, Bajaj Finance, Kotak Mahindra Bank, HDFC, PowerGrid Corp and Coal India slipped lower by 2.71 percent.
The Indian rupee fell further against the dollar, hitting a fresh record low of 72.50, after opening at 72.18. It had closed at 71.73/$ on Friday. The home currency has been the worst performer with a 13 percent decline against the dollar.
In other Asian markets, Japan's Nikkei climbed 0.30 percent, while Hong Kong's Hang Seng slid over 340 points or 1.26 percent lower over escalating US-China trade war.
Also, catch all the action and updates in our Market Live blog
First Published: IST