The Bombay Stock Exchange benchmark Sensex tumbled by over 411 points at midsession on Monday on funds selling, sparked by a weak global trend amid depreciating rupee.
The 30-share index, which commenced the day lower, fell further to 12,691.15, recording a loss of 411.03 at 1230 hrs. The Sensex dipped below the 13,000 level for the first time since July 17.
The wide-based National Stock Exchange index Nifty dropped by 114.15 points to 3,871.10 as most of the heavy-weight stocks led by realty, banking and technology sectors suffered sharp losses.
Marketmen said the Sensex set for its first annual decline since 2001 as bourses across the globe continued the downward march.
Selling pressure surged following a weak Asian trend triggered by reports that the US financial crisis is affecting the European market, marketmen said.
They said a weak rupee against dollar was another dampening factor. The rupee turning to be the second-worst performer this year among the 10 most-active Asian currencies excluding the yen, they added.