Mumbai: The benchmark Sensex tumbled by another 277 points in early trade today on increased capital outflows by foreign funds and nervous selling by retail investors, tracking weak global cues.

The 30-share index, which had been in the negative zone for the past two sessions and lost nearly 912 points, fell by 277.32 points, or 2.8 per cent at 9,494.38 points.

The National Stock Exchange index Nifty also tumbled by 88.65 points, or 2.90 per cent at 2,854.50 points.

Banking stocks ICICI Bank, HDFC Bank and State Bank of India fell in the range of 3-6 per cent ahead of RBI's monetary policy, to be announced this afternoon.

Marketmen said apart from weakening global equity markets , dismal quarterly earnings by corporates also adversely affected the trading sentiments here.

They said depreciating rupee, which breached the 50-mark a dollar at Forex markets in opening trade today, was another factor behind the falling trend on the bourses.

Among major losers, Reliance Industries lost Rs 25.45 at Rs 1,189.80 despite a rise of 7.4 per cent in its net profit for the second quarter.

ICICI Bank, country's largest private lender, fell by Rs 9.50 at Rs 356.05, State Bank of India lost Rs 65.30 at Rs 1,259 while HDFC Bank moved down by Rs 57.50 at Rs 1,014.50.

Source : PTI