Markets in bear grip, Sensex crashes; Hong Kong sinks 700 pts

Equity benchmarks continued to fall on account of weakness in global peers. Hong Kong's Hang Seng and China's Shanghai extended downtrend, falling 2-3 percent.

The Sensex was down 386.70 points or 1.34 percent to 28410.55 and the Nifty fell 129.25 points or 1.46 percent to 8737.45. The BSE Midcap plunged 2.2 percent on weak market breadth.

About three shares declined for every shares rising on the exchange.

European stocks opened sharply lower as investor sentiments is rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike.

The pan-European STOXX 600 was down 1.36 percent.

Meanwhile, Asian shares tumbled on Monday after major US indices posted their worst drop since Brexit on Friday amid concerns central banks will become less accommodative.

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