Indian Bourses Tumble Trailing Weak Global Cues, Sensex Plunges 404 Points in Opening Trading

New Delhi (Sputnik): India's benchmark stock index Sensex collapsed from highs of over 42,000 in February to just 26,000 when the COVID-19 pandemic hit the country in March. The index has since rebounded by more than 40 percent.

Indian equity markets tumbled in opening trading against the backdrop of weak global cues on Monday morning.

The Bombay Stock Exchange's 30-share sensitive index, Sensex, fell 404 points in early deals on Monday to trade at 37,202. It's previous close last Friday was 37,606.

Similarly, the broader 50-share index of the National Stock Exchange, Nifty, also plunged following a cautious start on other Asian equity markets. The index fell 107 points to 10,970 in early trading on Monday.

The Indian indices fell in tandem with Asian markets, which were cautious in early trading. While Japan's bourses were up, South Korea, Hong Kong, and Taiwan witnessed a decline.

In India, Monday was the fourth consecutive day of a decline in shares.

The companies that pulled down the indices include Reliance Industries, which fell 2.13 percent. Banks too dragged the index lower, with key banking shares such as Bandhan Bank, HDFC, Kotak Bank, and Axis bank trading in the red. Weakness in information technology stocks like Infosys and Tata Consultancy also led to a weak trading on the key indices.