Equity benchmark indices cracked by nearly 1.5 per cent during early hours on Friday tracking similar feeble trend in global markets amid continued sell-off in bond markets.
At 10:15 am, the BSE SandP Sensex was down by 802 points or 1.57 per cent at 50,238 while the Nifty 50 tumbled by 227 points or 1.5 per cent to 14,870.
Among stocks, IndusInd Bank slipped by 3.8 per cent to Rs 1,067.25 per share.
ICICI Bank and Axis Bank ticked lower by 3 per cent, HDFC Bank by 2.6 per cent and Kotak Mahindra Bank by 2.2 per cent.
The other major losers were Bajaj Finance, Bajaj Finserv, HDFC, GAIL and UPL.
However, Maruti Suzuki gained by 1.5 per cent.
Pharma majors Dr Reddy's and Sun Pharma were up by 1.3 per cent and 1.1 per cent respectively.
Meanwhile, Asian stocks skidded to one-month lows as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.
Chinese blue chips joined the retreat with a drop of 2.5 per cent.