Domestic equity benchmark Sensex tumbled over 250 points in early trade on Wednesday tracking losses in index-heavyweights HDFC Bank, ICICI Bank and ITC amid intense selloff in global markets.
The 30-share BSE index was trading 255.26 points or 0.67 per cent lower at 38,110.09; while the NSE Nifty dropped 79 points or 0.70 per cent to 11,238.35.
ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Tata Steel, SBI, NTPC, ITC and Bajaj Finserv.
On the other hand, Reliance Industries, Asian Paints, Infosys and Tech Mahindra were among the gainers.
In the previous session, Sensex ended 51.88 points or 0.14 per cent lower at 38,365.35; while the NSE Nifty slipped 37.70 points or 0.33 per cent to 11,317.35.