Indian markets hit by global sell-off; Sensex drops as much as 500 points

Sensex slipped 355 points to end at 37,808.91 while the Nifty 50 lost 103 points to close at 11,354

The benchmark Sensex declined as much as 500 point intra-day on Monday after the sell-off on Wall Street extended to other global markets. US markets ended last week with 2 per cent losses after a bond market indicator signalled recession amid weak economic data from Europe. Almost all Asian and European equities fell on Monday, led by the Japanese market, which declined 3 per cent. Losses in the domestic markets were relatively subdued with the Sensex and the Nifty ending 0.9 per cent lower.

The Sensex slipped 355 points to end at 37,808.91, while the Nifty50 lost 103 points to close