NEW DELHI, Jan. 6 (Xinhua) -- Indian stock markets nosedived on Monday, mainly owing to weak global cues and ongoing Foreign Portfolio Investment (FPI) outflows.

While the Bombay Stock Exchange (BSE), or Sensex, dropped by 1,258.12 points, which was a downfall of 1.59 percent, the National Stock Exchange (NSE), or Nifty50, fell by 388.70 points, which was a decline of 1.62 percent, showed their respective official websites at the conclusion of the day's trading.

According to media reports, at around 02:49 p.m., the Sensex was down by 1,373.20 points to 77,871.20, and the Nifty50 had tumbled by 420.10 points to 23,551.90.

An online report by "India Today" said that the sell-off was particularly severe in the banking, metals, real estate, oil and gas sectors, with no sector managing to stay in the green.

"Experts have identified multiple reasons behind the market crash, ranging from the detection of Human Metapneumovirus cases in India to weak global cues and ongoing FPI outflows," added the report.

Other media reports quoted an investment expert as saying that the market was likely to be influenced by the negative factors impacting FII flows and some positive domestic factors which can support the market.

"The FIIs are likely to continue selling till the yields decline and the U.S. dollar stabilizes," he added. ■