Mumbai: Bloodbath in the stock markets continued during the afternoon trade on Monday as the BSE Sensex lost over 2,500 points and the Nifty50 was down over 700 points to trade below the 9,300 mark.
At 2.25 p.m., Sensex was trading at 31,515.08, lower by 2,588.40 points or 7.59 per cent from the previous close of 34,103.48.
It opened at the day's high of 33,103.24 and has so far touched an intra-day low of 31,460.72.
The Nifty50 on the National Stock Exchange was at 9,284.95, lower by 710.80 or 7.14 per cent from its previous close.
The decline in Indian stock markets was in line with the freefall in Asian and European indices, despite the second emergency rate cut announced by the US Federal Reserve.
The top losers on the Sensex were IndusInd Bank, Axis Bank, ICICI Bank, Tata Steel and Tech Mahindra.
The Reserve Bank of India too would address media at 4 p.m., and anticipation is that the central bank would follow its global counterparts and may come up with an emergency rate cut.