Insight Bureau: 30-share BSE Sensex tanked 713.49 points to 54,122.09 in early trade while the NSE Nifty also tumbled 248.7 points to 16,162.55.
Meanwhile, international oil benchmark Brent crude gained 0.46 per cent to $112.92 per barrel.
Among the Sensex pack firms, Tech Mahindra, Reliance Industries, IndusInd Bank, Tata Steel, TCS, Bajaj Finance, Axis Bank and and State Bank of India were the major laggards in early deals. Power Grid was the only gainer among the 30-share pack.