New Delhi  - India's benchmark Sensex stock index fell by 3.7 per cent in early trading Monday on weak Asian markets and a declining rupee.

The 30-share-sensitive index, which lost 529.35 points in the previous session, plunged another 459.6 points an hour and half after the markets opened.

It traded at 12,066.72 shortly before 11:30 am (0600 GMT), a loss of 3.67 per cent.

The situation was no different at the National Stock Exchange, where the broader S&P CNX Nifty traded at 3,678.40 for a loss of 3.66 per cent.

Brokers said there was a major selloff by foreign funds in metals, capital goods, oil and gas, and banking stocks despite the rescue plan for the US financial industry that was passed last week by the US Congress.

ICICI Bank, HDFC Bank, the State Bank of India, Bharti Airtel and Reliance Industries were the major contributors to the fall.

Market analysts told the PTI news agency that apart from falls in other markets, the Indian rupee depreciating against the US dollar also dampened trading sentiment.

The Indian rupee fell by 21 paisa to 47.30 rupees against the dollar in early trading. (dpa)