It is manic Monday today on the stocks market despite monsoon being good at over 25% more than month’s average. The benchmark BSE Sensex tumbled over 535 points and the NSE Nifty slid below the 8,300 mark in opening trade on Monday on across-the-board selling.

 The beating was merciless. All the sectoral indices were trading in the negative terrain, led by realty, capital goods and banking, with losses up to 3.16 per cent. It was triggered by weak trend in global markets and fears of a possible Greece default.

At 10.08 am, Sensex was down 457.55 points at 27,354.29. Similarly, Nifty was down 142.90 points at 8,238.20 during the same time.

The 30-share gauge, which had lost 84.13 points in the previous session, hurtled down 535.87 points, or 1.92 per cent, to 27,275.97.

Also, the NSE Nifty slipped below the 8,300 mark by skidding 166.45 points, or 1.99 per cent, to 8,214.65.

There was widespread selling by investors as well as funds. Besides, weakness in the rupee, which turned lower by 24 paise to 63.88 against the dollar in early trade at the forex market, too negatively impacted sentiment.

World markets
US equity futures dropped sharply and bond futures rallied at the beginning of trading on Sunday. Britain’s top equity index ended lower on Friday, dragged down by mining stocks, though supermarket group Tesco rose after reporting a smaller than expected decline in sales.

Japan’s Nikkei share average slipped to a one-week low.

The Greek tragedy
Greek banks will be closed and the stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday. Capital controls are likely to last for many months at least.

These measures came after bailout talks between the Left-wing government and foreign lenders broke down at the weekend. The European Central Bank froze vital funding support to Greece's banks, forcing Athens to shut down the system to keep the banks from collapsing.