Equity benchmark Sensex plunged nearly 600 points in early trade on Monday, tracking losses in index-heavyweights ICICI Bank, SBI and L&T amid a steep correction in global equities.

The 30-share BSE index was trading 596.78 points or 1.14 per cent lower at 51,747.67 in initial deals. Similarly, the broader NSE Nifty tumbled 175.35 points or 1.12 per cent to 15,508.

M&M was the top loser in the Sensex pack, shedding over 2 per cent, followed by L&T, UltraTech Cement, ICICI Bank, Maruti and SBI.

On the other hand, NTPC, HUL, Sun Pharma and Asian Paints were among the gainers.

In the previous session, Sensex ended 21.12 points or 0.04 per cent higher at 52,344.45, while Nifty inched 8.05 points or 0.05 per cent lower to 15,683.35.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,680.57 crore on Friday, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic markets do not look to be inspiring as of now.

"Indian equities saw profit booking last week led by weak global cues. Undoubtedly, weakening INR, rising crude prices and doubts over sustainability of FIIs flow due to taper talk in the US aggravated investors' concerns.

"While India's daily caseload falling below 60,000 offers comfort, indication of a third wave in the next 6-8 months in the country has raised fresh concerns," he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with heavy losses in mid-session deals.

International oil benchmark Brent crude was trading 0.53 per cent higher at USD 73.90 per barrel.