Insight Bureau: The 30-share BSE Sensex tanked 577 points or 1.01 per cent to 56,484 in early trade, while the broader NSE Nifty moved 177 points or 1.04 per cent down to trade at 16,925.
Mid- and small-cap shares were negative as Nifty Midcap 100 fell 0.45 per cent and small-cap slumped 0.69 per cent.
On the stock-specific front, Titan was the top loser as the stock cracked 2.53 per cent to ₹ 2,395.95. Bajaj Auto, Asian Paints, Eicher Motors and Sun Pharma were also among the losers.
On the 30-share BSE index, Titan, Asian Paints, Sun Pharma, Bajaj Finance, Bajaj Finserv, Maruti, Infosys, Kotak Mahindra Bank, L&T, Tech Mahindra and ICICI Bank were among the top laggards.
In contrast, IndusInd Bank, NTPC and Axis Bank were trading in the green.