Mumbai: The stock markets put up a dismal show during the afternoon trade on Monday as the BSE Sensex lost over 2,500 points and the Nifty 50 was down over 700 points to trade below the 9,300 mark. Also Read - Dubious Dalal Street: Markets Remain Volatile on Friday Amid Panic Selling in Coronavirus Aftermath

At 2.25 p.m, Sensex was trading at 31,515.08, lower by 2,588.40 points or 7.59 per cent from the previous close of 34,103.48. Also Read - Amid Election Results, Sensex Jumps Over 250 points and HCL Tech Up 3%

It opened at the day’s high of 33,103.24 and has so far touched an intra-day low of 31,460.72. Also Read - Sensex Loses Over 200 Points in Early Trade Amid Unabated Foreign Fund Outflow

The Nifty 50 on the National Stock Exchange was at 9,284.95, lower by 710.80 or 7.14 per cent from its previous close.

The decline in Indian stock markets was in line with the freefall in Asian and European indices, despite the second emergency rate cut announced by the US Federal Reserve.

The top losers on the Sensex were IndusInd Bank, Axis Bank, ICICI Bank, Tata Steel and Tech Mahindra.

The Reserve Bank of India too will address media shortly, and anticipation is that the central bank would follow its global counterparts and may come up with an emergency rate cut.

(With agency inputs)