The benchmark BSE Sensex sank over 350 points in early trade on Monday after two sessions of gains as investors cashed profits in consumer durables, banking, oil & gas and PSU stocks, amid fresh weakness in the rupee and weak global cues.
The BSE 30-share barometer dropped 366.52 points, or 0.96 per cent, to 37,724.12 driven by losses in index majors Axis Bank, SBI, Asian Paint, Tata Motors, HDFC and HDFC Bank.
The gauge had rallied 677.51 points in the previous two sessions on sustained buying by domestic institutional investors.
The NSE Nifty index too dipped below the 11,500-mark by falling 111.80 points, or 0.97 per cent, at 11,403.40.
Brokers said investors turned cautious and logged gains after recent rally, pulling down key indices.
The rupee again crashed below the 72-mark by plunging 81 paise to 72.65 against the dollar, despite the Government’s steps to stem a steep fall in the currency.