Market benchmark Sensex plunged over 600 points in early trade on Monday, tracking losses in index-heavyweights Reliance Industries, HDFC twins and ICICI Bank amid a negative trend in Asian equities.

The 30-share BSE index tanked 607.32 points or 1.24 per cent to 48,175.04 in initial deals.

Similarly, the broader NSE Nifty tumbled 152.45 points or 1.04 per cent to 14,478.65.

Titan was the top loser in the Sensex pack, shedding around 3 per cent, followed by SBI, ONGC, Reliance Industries, Axis Bank, HDFC Bank, ICICI Bank, HDFC and Bajaj Finance.

On the other hand, M&M, Bajaj Auto, Maruti, HUL, IndusInd Bank and Nestle India were among the gainers.

In the previous session, Sensex sank 983.58 points or 1.98 per cent to finish at 48,782.36, and Nifty fell 263.80 points or 1.77 per cent to 14,631.10.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,465.07 crore on Friday, while domestic institutional investors (DIIs) purchased shares worth Rs 1,419.31 crore, according to provisional exchange data.

"Domestic equities do not look to be inspiring at the moment. NDA's sub-par performance in West Bengal assembly election and possibility of emergence of strong opposition from alliance of regional parties to fight against NDA may weigh on investors sentiments," said Binod Modi Head-Strategy at Reliance Securities.

Notably, a persistent rise in the second wave of COVID-19 cases, increasing death cases and extended partial lockdown announced by several states are expected to keep economic momentum soft for May also, he added.

Active COVID-19 cases in India rose to 34,13,642 against 33,49,644 on Sunday, according to a Health Ministry update this morning.

Elsewhere in Asia, bourses in Hong Kong and Seoul were trading on a negative note in mid-session deals. Stock exchanges in Shanghai and Tokyo were closed for holidays.

Meanwhile, international oil benchmark Brent crude was trading 0.39 per cent lower at USD 66.50 per barrel.