Sensex tanks over 500 points in early trade; Nifty below 11,000

New Delhi: Equity benchmark Sensex plunged over 600 points in early trade on Thursday, tracking massive sell-off in global stocks amid heavy foreign fund outflow.

The BSE Sensex fell 516.22 points or 1.37 percent to 37,152.20 in early trade while the NSE nifty dropped 152.50 points or 1.37 percent to 10,979.35.

Other than Kotak Bank and Powergrid, all other Sensex components were in the red. Major losers were IndusInd Bank, Bajaj Finance, M&M, Titan, Axis Bank, Bajaj Finserve, Maruti, ICICI Bank, Tata Steel, ONGC, Tech Mahindra and SBI, falling upto 4.10 percent.

In the previous session, Sensex settled 65.66 points or 0.17 per cent lower at 37,668.42, while Nifty shed 21.80 points or 0.20 per cent to close at 11,131.85.

Exchange data showed that foreign institutional investors sold equities worth Rs 3,912.44 crore on a net basis on Wednesday.

Among Asian peers, MSCI`s broadest index of Asia-Pacific shares outside Japan tumbled 1.35% in the morning session on broad losses across the region. Chinese blue-chips dropped 1.09%, Hong Kong`s Hang Seng fell 1.72%, Seoul`s KOSPI sank 1.73% and Australian shares were 1.18% lower. Japan`s Nikkei fell 0.74%.

Meanwhile, international oil benchmark Brent crude was trading 1.03 per cent lower at USD 41.34 per barreL.

(With agency inputs)