Mumbai: In its biggest intra-day crash this year, stock market benchmark Sensex plunged by 1,006 points while Nifty fell below 8,000 level in early trade today due to heavy selling by funds amid global sell-off as worries about China's economy deepen.
Asian markets were also in deep red with Shanghai shares crashing 8 per cent on concerns that the Chinese economy was slowing more than previously thought.
Taking cues from global markets, the Sensex nosedived 1,006.54 points, or 3.67 per cent, to 26,359.53-- the biggest fall in day trade in 2015.
The broader NSE Nifty also dipped below the 8,000-level by tumbling 309.05 points, or 3.72 per cent to 7990.90 in early trade. All 50 constituents of Nifty were in red with Tata Motors and ONGC losing the most up to 6 per cent.
Brokers said sentiments suffered a jolt following a sell-off in other Asian markets with over 8 per cent plunge in Shanghai index.
Among major Sensex losers, ICICI Bank fell by 4.5 per cent, Infosys by 3 per cent, Axis Bank by 5.3 per cent, Reliance by 4 per cent and HDFC by 3 per cent. Tata Motors fell by over 6 per cent.
Vedanta and GAIL Ltd also fell up to 6 per cent.
At 0930 hrs, the Sensex was down 848.77, or 3.1 per cent, at 26,517.30 points. The 50-share Nifty was down 267.10 points, or 3.22 per cent, at 8,032.85 woth all the constituents in the negative.
Meanwhile, crude prices fell after slipping below USD 40 barrel for the first time in six years after weak Chinese manufacturing data.
Among other Asian markets, Shanghai Composite dived 8.35 per cent, Japan's Nikkei dropped 3.10 per cent and Hong Kong's Hang Seng 3.26 per cent.
The US Dow Jones Industrial Average ended 3.12 per cent down in Friday's trade.