The benchmark index of the Bombay Stock Exchange (BSE), Sensex has slipped by 800 points to 36,522 in the early hours of trade on Monday.
The benchmark index of National Stock Exchange (NSE), Nifty tanked 237.4 points to 10,780 points.
The sectoral indices led by Banking, Energy, Auto and Metal dragged the markets lower. Market reacted sharply to the macro economic data which refuelled concerns about economic growth. As the automobile sector witnesses its worst slowdown in 10 months, stocks of most automakers are trading in the red. Sales numbers for August have triggered a major slowdown in the auto sector. Stocks of Tata Motors, Maruti Suzuki, Eicher Motors, Mahindra & Mahindra and Ashok Leyland are all trading in red. Meanwhile, banking stocks also plunged significantly after Nirmala Sitharaman had announced the merger of 10 PSBs into four entities. Shares of Punjab National Bank (PNB), Indian Bank, Oriental Bank of Commerce and Canara Bank fell sharply on Tuesday.
Top losers were ICICI Bank by 4.27% to Rs.392 , Indian Oil by 4.25% to Rs.117.05, UltraTech Cement by 4% to Rs.3885, Titan company by 4% to Rs.1059.
Top gainers were Tech Mahindra by 1.56% to Rs.704, Britannia by 1.35% to Rs.2738, HCL Tech by 1.2% to Rs.1113 and TCS by 0.65% to Rs.2274 .