Sensex plummets over 460 points, Nifty closes below 11,500

New Delhi: Markets nosedived in closing trade on Monday after following free fall of the rupee against the US dollar amid weak Asian cues.

Rupee continued its free fall hitting a new low of 72.67 due to a strengthening dollar and widening trade deficit, though it managed to recover 50 paise later in the trade.

The 30-share index dropped 464.19 points, or 1.21 percent, to close at 37,925.63. The broader Nifty-50 index also closed below 11,500 mark at 11,438.60, down 150.50 points, or 1.30 percent.

Heavy selling was witnessed in FMCG, telecom, consumer durables, finance, oil and gas, realty, power, metals, banks, energy and auto sectors.

Reliance, Coal India, Kotak Bank, ONGC, Bajaj Auto, HDFC, Asian Paint, Indus Ind Bank, SBIN, Vedanta limited, M&M and Sunpharma, falling by upto 3.72 percent.

Axis Bank, Wipro, Yes Bank and TCS bucked weak market trend, gaining up to 0.99 percent.