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Benchmark indices continue to remain weak amid dismal Asian cues, along with index heavyweights and financials leading the fall.
By 1030, Sensex plunged by 115 points at 18,659, and the Nifty down 42 points or 0.73% at 5,626 levels.
The rupee weakened on Monday, hovering near a record low hit last week, as worries about China's economic and financial stability hit global risk assets, while caution prevailed ahead of current account deficit data due this week.
India is due to report January-March current account deficit data on Friday. The country's deficit has been a key source of stress on the rupee.
On the global front, Asian shares fell to a fresh 9-1/2-month low on Monday as investors worried about China's economic and financial stability and markets scrambled to price in the Federal Reserve's plan to tone down its stimulus drive starting later this year.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1.2% to its lowest since early September, after posting its worst week since May 2012 with a drop of 4.5 % last week.
Back home, BSE Consumer Durables and Realty indices have plunged by 2% each followed by counters like Oil & Gas, Capital Goods, Power and PSU, all gaining by over 1% each. However, BSE Metal index has gained by nearly 1%.
The main losers on the Sensex at this hour include GAIL, Hero Moto, BHEL, L&T, Infosys, Bharti Airtel, M&M, NTPC and HDFC, all declining between 1-3%.
Jindal Steel and Power Limited (JSPL) has dipped on reports that the Central Bureau of Investigation (CBI) questioned the promoter Naveen Jindal in connection with its FIR against him and his company for alleged cheating while applying for coal block.
On the gaining side, Hindalco, Tata Power, Maruti Suzuki and Tata Steel have gained between 1-2%.
Shares of the companies engaged in gems and jewellery business are under pressure on the bourses and trading lower by up to 20% on , on concerns that the Reserve Bank of India's and government initiative to curb gold imports may impact the sectors' growth.
Gitanjali Gems, Tribhovandas Bhimji Zaveri (TBZ), PC Jeweller and Shree Ganesh Jewellery House are down in the range of 6-20% on the Bombay Stock Exchange.
Shares of Jaypee Group all three listed companies such as Jaiprakash Associates, Jaiprakash Power Ventures and Jaypee Infratech are trading at their 52-week lows on reports that Jaypee Cement has shelved the plan to sell its Gujarat unit as it did not get the “right” price.
Jaiprakash Power Ventures has tanked 15% to Rs 17.30, while Jaiprakash Associates dipped 10.4% to Rs 51.65 and Jaypee Infratech by 6% to Rs 23.20 on the Bombay Stock Exchange.
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices are down 0.7-1.38%.
The market breadth in BSE remains dismal with 972 shares declining and 592 shares advancing.
