Weak global cues roiled Indian market indices, which opened with a steep 2% drop and continued to trade lower on Monday.

As hardening bond yields in the US and geopolitical tensions worried global markets, the Nifty gapped down 1.72 percent at launch, while the Sensex opened with a larger fall of 2.5 percent.

Both the Nifty and the Sensex were down 355 points at 17020 and 1176 points at 56,976, with the day’s lows at 16916.55 and 56612.

Fear metre India The Vix index, which measures market volatility, went up 17% to 21.78.

The Nifty’s losses were led by financials and metals. HDFC, Tata Steel, IndusInd Bank, ICICI Bank and SBI led the losses while IT bucked the trend due to weaker rupee.

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