Sensex tanks over 350 pts; Nifty below 12,200

Equity benchmark BSE Sensex sank over 350 points in opening session on Monday as escalation in tensions in the Middle East fuelled volatility in global equities.

The 30-share BSE index was trading 376.66 points or 0.91 per cent lower at 41,087.95. Similarly, the broader NSE Nifty cracked 109.60 points or 0.90 per cent to 12,117.05.

SBI was the top loser in the Sensex pack, shedding up to 2.91 per cent, followed by Asian Paints, PowerGrid, Maruti, Mahindra and Mahindra, Tata Steel, NTPC, ICICI Bank and HDFC.

On the other hand, Titan, TCS, HCL Tech, Infosys and Tech Mahindra were trading in the green.

In the previous session, the 30-share gauge ended 162.03 points, or 0.39 per cent, lower at 41,464.61, while the Nifty closed 55.55 points, or 0.45 per cent, down at 12,226.65.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 1,263.05 crore, while domestic institutional investors sold shares worth Rs 1,029.20 crore on Friday, data available with stock exchanges showed.

According to traders, domestic investors followed Asian stocks that extended their fall after US President Donald Trump on Sunday vowed "major retaliation" if Iran tries to avenge the killing of its key military commander Qasem Soleimani and doubled down on a threat to bomb Iranian cultural sites.

He also threatened to impose "very big sanctions" on Iraq if it follows through on a parliament vote calling for the expulsion of US troops based in the country.

Following the news, Brent crude futures surged nearly 3 per cent to USD 70.59.

Bourses in Hong Kong, Tokyo and Seoul were trading in the red, while Shanghai was positive.

Meanwhile, the rupee depreciated 25 paise to 72.05 against the US dollar in morning session.