The Bombay Stock Exchange's benchmark index -- Sensex -- plummeted by over 300 points in opening trade on Monday as panicky fund managers and retail investors gave into selling pressure for the fourth consecutive session, prompted by weak global cues amid concerns over the unrest in Egypt.

The 30-share barometer fell by 301.70 points, or 1.68 per cent, to 18,094.27 points in the first few minutes of trade on Monday. The Sensex had lost 755 points in the previous three sessions.

However, the Sensex has since then gained some momentum and is currently at 18,166, down 230 points.

Similarly, the wide-based National Stock Exchange Nifty index declined by 79.55 points, or 1.44 per cent, to 5,432.60 in opening trade. Nifty is now ruling at 5,455, having slipped by 57 points.

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Brokers said continued offloading of positions by funds and retail investors, tracking a weakening trend in the rest of Asia in the wake of sharp losses registered in the United States market on Friday due to concerns over the protests in Egypt, besides the weak results of blue-chip companies, dampened the trading sentiment in the domestic market.

All the sectoral indices were trading in the negative zone, witnessing losses of up to 2.75 per cent.

In other Asian markets, Japan's Nikkei was down by 1.63 per cent, while Hong Kong's Hang Seng index was down by 1.20 per cent.

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The US Dow Jones Industrial Average ended 1.39 per cent lower on Friday.

Rupee falls by 21 paise to the dollar

The Indian rupee fell by 21 paise to a two-month low of Rs 45.97 per US dollar in early trade today, weighed down by the gains registered by the greenback against other major currencies.

Dealers said the rupee weakness was due to the dollar gains against other Asian currencies, coupled with a weak opening in the domestic stock market.

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The rupee had depreciated by 19 paise against the US currency to close at Rs 45.76/77 in the previous session on Friday amid sluggish domestic equities and fresh dollar demand from importers.

Oil prices shoot up

Meanwhile, global crude oil prices shot up in Asian trade on Monday over fears that the worsening political situation and rising tension in Egypt had the potential to disrupt oil supplies flowing through the Suez Canal.

Reports said that New York's main contract, light sweet crude for March delivery, was up 37 cents to $89.71 per barrel, while Brent North Sea crude for March rose 18 cents at $99.60.