The Bombay Stock Exchange benchmark Sensex on Monday crashed by 1,431 points and tumbled to a low of 17,582.48 (down 8.14%) on high volatility during morning trade as investors panicked following weak global cues amid fears of the US recession.

The NSE Nifty fell by 415.75 points to 5289.55 points, down 7.86%

Panic selling gripped the stock market and the fall is slowly nearing the lower circuit which comes in at 10% fall. Currently, the Sensex and Nifty are down by almost 8%.

Heavy pullout by foreign institutional investors dampened the market sentiment.

NTPC and Reliance Communications [Get Quote] have slumped 10% each to Rs 215 and Rs 633, respectively.

Reliance Energy [Get Quote] and DLF have tumbled 9% each to Rs 1,926 and Rs 915, respectively. ICICI Bank [Get Quote] has shed 8.5% to Rs 1,140.

Cipla has plunged over 8% to Rs 186. ACC has slumped 7.5% to Rs 800.

Tata Steel [Get Quote] and Bajaj Auto [Get Quote] have dropped over 7% each to Rs 725 and Rs 2,260, respectively.

Hindustan Unilever and Tata Motors [Get Quote] have slipped around 6.5% each to Rs 200 and Rs 667, respectively.

Hindalco [Get Quote] and ITC have shed 6% each at Rs 174 and Rs 200, respectively.

Larsen & Toubro and Reliance have declined 5.5% each to Rs 3,708 and Rs 2,646, respectively.

Out of 2,744 stocks traded so far, 2,588 have declined, 140 have advanced and 16 are unchanged.

The BSE barometer opened below 19K at 18,919.57 and later was quoted at 18,321.33 at 1030 hrs, down 692.37 points from Friday's close of 19,013.70 due to panic selling by operators and retail investors, who were unwilling hold their positions in the prevailing market situation.

Similarly, the broader S&P CNX Nifty of the National Stock Exchange fell by 208.05 points to 5,497.25 at 1030 hrs from last close of 5,705.30.

Investors resorted to heavy unloading of positions after the Sensex breached the support level of 18,712, which is considered crucial for a positive turnaround, market players said.