According to experts, market has entered a bearish phase amid concerns over an economic slowdown and weak corporate earnings. Heavy foreign fund outflow and weak monsoon is also hurting investor sentiment here, they said.
The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 per cent in global markets. The local unit finally settled at 70.51, down by 59 paise over its previous close.
The 30-share index fell 124.63 points, or 0.34 per cent, to 36,180.39, after touching a high of 36,454.03 at the outset. The rupee too depreciated by 33 paise to 72.96 against the US dollar in early trade at the interbank forex market.
The BSE Sensex opened at 33,364.52 on Monday morning with the previous closing at 33,462.97. The index dropped as low as 32,595.63. The wider scrip NSE Nifty also took a dip of 258.45 points as low as 10,074.80. The markets recovered, however, as the BJP pulled ahead of the Congress in Gujarat.