Equity benchmarks made a mild recovery from opening lows due to short covering and buying on dips. The Sensex lost 391.76 points or 1.36 percent to 28405.49.
The Nifty fell 127 points or 1.43 percent to 8739.70. More than five shares declined for every share advancing on the BSE.
ICICI Bank and Tata Motors were the biggest losers, down 3-4 percent followed by HDFC, ITC, Axis Bank, L&T and SBI whereas Infosys bucked the trend.
The Indian rupee slipped in the early trade. It has opned lower by 20 paise at 66.88 per dollar versus 66.68 Friday.
Asian shares tumbled after a sharply lower finish for major US indexes on Friday amid concerns central banks will become less accomodative. Shanghai, Hang Seng and Nikkei were down 1.5-2.7 percent.
The Dow Jones industrial average closed nearly 400 points lower on Friday, with 3M and Boeing contributing the most losses. The index also posted its biggest single day fall since June 24 and its worst week since January.
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