New Delhi - India's benchmark Sensex shed 4.6 per cent in early trade on Monday following heavy selling by funds and investors amid rising crude oil prices. The 30-share-sensitive index, which had lost 5.1 per cent over last week, shed 715.50 points to 14,856.68 points on account of heavy selling pressure in blue-chip stocks.
The broader S&P CNX Nifty of the National Stock Exchange also lost 205 points to 4,422.65, a drop of 4.4 per cent.
Market analysts said that the selling pressure gathered momentum because of crude oil prices hitting a new high. Stocks in sectors of power, realty and cement were hit the most.
The rupee declined on Monday morning down due to high oil prices and pressure that investors and funds may continue exit local stocks.
According to local news outlets, the rupee declined 0.6 per cent at 42.90 per dollar against the close of 42.66 on Friday. The rupee had hit a 13-month low of 43.21 last month.
Crude prices which surged to an all-time high of 139.12 dollars a barrel on Friday dampening trading sentiments across Asian bourses.
