Equity benchmark Sensex plunged over 500 points in early trade on Monday, tracking heavy losses in HDFC twins, ICICI Bank and Kotak Bank amid weak cues from global markets.

The 30-share BSE index was trading 515.54 points or 0.97 per cent lower at 52,624.52 in initial deals, while the broader NSE Nifty fell 146.75 points or 0.92 per cent to 15,776.65.

HDFC Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by HDFC, IndusInd Bank, Kotak Bank, Axis Bank and ICICI Bank.

On the other hand, NTPC, Bharti Airtel, Titan, PowerGrid and Reliance Industries were among the gainers.

"Domestic equities do not look to be inspiring as of now. Subpar June quarter performance reported by HDFC Bank during the weekend along with visible stress in asset quality can weigh on overall financials," said Binod Modi, Head-Strategy at Reliance Securities.

Asian shares fell across the board as pessimism took hold following rising Covid-19 infections regionally and Wall Street's first weekly loss following three weeks of gains.

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