Indian equities plunged further in the late morning deals on Monday tracking weak global cues. Both Sensex and Nifty were trading below 1-month low. All sectoral indices are trading in deep red except telecom, IT and metals.

At 11.01 a.m, the Sensex was trading down 671.29 points or 1.13% at 58,964.72 with 10 components falling. Meanwhile, the Nifty was trading lower by 187.45 points or 1.06% at 17,577.35 with 22 components falling.

Biggest gainers in the 30-share index were Bharti Airtel (4.14%), Asian Paints (1.78%), Power Grid Corporation Of India (1.46%), TCS (0.80%) and Tech Mahindra (0.08%).

On the other hand, Bajaj Finance (4.25%), Reliance Industries (3.48%), State Bank of India (3.20%), Titan (2.75%), Bajaj Finserv (2.73%), Maruti Suzuki (2.21%) and Mahindra & Mahindra (2.01%) were the biggest losers in the Sensex. Market breadth was negative with 991 advances against 2,202 declines.

Most Asian stocks fell on Monday amid concerns about European Covid-19 curbs and the risk of the Federal Reserve speeding up stimulus withdrawal. Shares declined in Japan and Australia. SGX Nifty declined marginally against Thursday close while U.S Dow Future is up 0.2%.

US stocks closed mostly lower on Wall Street on Friday, though gains for several tech companies pushed the Nasdaq composite to another record high (up 0.4%) and its first close over 16,000 points. S&P 500 index gave up 0.1% and the Dow Jones fell 0.8%. Investors assessed the impact of rising COVID-19 cases in the United States and Europe. China and South Korea Interest rate decisions and US Fed minutes of meeting will be watch for this week.

European stocks ended the week with losses amid increasing concerns over renewed COVID-19 restrictions in Europe after Austria imposed a nationwide lockdown starting Monday, and reports that Germany is also not ruling out a new lockdown. UK, Germany and France Index declined half percent each.