After exit poll, Sensex nosedives over 400 points, Nifty under 10,600 mark

Taking cues from the exit poll as well as weak global trends, Sensex on Monday tanked over 400 points while Nifty has given up 10,600 in pre-opening trade. At 9:19, Sensex was in red at 35,169.39, down by 503.86 or 1.41%. The Nifty50 was at 10,550.30, down by −143.40 or 1.34%. 

Among the intial losers were shares of Adani Ports, M&M, and Indiabulls Housing, however, TCS was the sole gainer. 

The Indian rupee slipped in the early trade on Monday. It opened lower by 54 paise at 71.34 per dollar against previous close 70.80.

Ahead of the counting of votes on December 11, arch-rivals BJP and the Congress have both claimed they are forming the government in Rajasthan, a state that has seen the two national parties alternate power over the last 20 years.

Meanwhile, global stocks extended their slump on Monday, with U.S. equity futures and Asian shares sliding on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing could quash chances of a trade deal.

Traders returned from the weekend to face a growing wall of worry, with the world's largest economies -- the United States, China and Japan -- all reporting weaker-than-expected data which pointed to moderating activity.

Investors were also bracing for a Tuesday vote on British Prime Minister Theresa May's European Union divorce deal, which looks set to be rejected by parliament, raising fears of a chaotic exit in March.

S&P futures fell 0.8 percent and Dow futures lost 0.8% in the Asian day.