Global trends sink Sensex 385 pts

Widespread selling by mutual funds in key shares due to fears over rising oil prices triggers the downslide.

The Indian share market closed heavily in the red on Monday on account of widespread selling by mutual funds in index heavyweights on the Bombay and National stock exchanges.

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The benchmark Sensex of the Bombay Stock Exchange closed 385 points down closing at 10,293 while the National Stock Exchange's Nifty too shed 115 points from its previous close of 3122.

The selling pressure built up during the day following rising crude oil prices to records levels due to a conflict in the Middle East.

The drop at the Sensex, which at one point was more than 400 points in the red, was led by Reliance Communication, which closed around 7.8 per cent down.

Among the other major losers were ONGC (down 7.2 per cent), Dr Reddys Laboratories (down 5.0 per cent), Tata Motors Limited (down 5.8 per cent) and Reliance Energy Limited (down 5.4 per cent).