Sensex drops below 26k, down 312 pts in early trade

The benchmark BSE Sensex tanked over 312 points to fall below the 26,000-level in early trade today due to profit booking by investors amid mixed Asian cues.

Caution ahead of expiry of contracts in the derivatives segment tomorrow also influenced sentiments.

The 30-share barometer plunged 312.59 points or 1.20 per cent to 25,719.79 in early trade. The index had risen by 290.82 points in yesterday's highly volatile trade after the government said it's considering reconvening a special session of Parliament for passage of the stalled GST bill.

All the sectoral indices led by realty, IT, auto and power were trading in the negative zone, falling up to 1.73 per cent.

Also, the NSE Nifty fell below the 7,800-mark by losing 81.05 points or 1.03 per cent to 7,799.65 in early trade. Brokers said investors booked profit after yesterday's gains pushing the indices down.

Among Asian markets, Shanghai composite was quoting 0.80 per cent higher after China cut interest rates in a bid to shore up confidence in the world's number two economy and end a stock market slump.

Hong Kong's Hang Seng was down by 0.36 per cent, while Japan's Nikkei up by 0.40 per cent in early trade today. The Dow Jones Industrial Average ended 1.29 per cent lower in yesterday's trade after staying in the positive zone for much of the day.