Mumbai, Nov 9 (IANS): Indian equity markets plummeted during the early morning trade session on Wednesday after the major economic decision by Prime Minister Narendra Modi to de-monetise Rs 500 and Rs 1,000 currency notes and Republican candidate Donald Trump leading the tight battle in the US presidential election.

The key indices took a sharp tumble and lost around six per cent each, with heavy selling pressure witnessed in automobile, consumer durables and banking stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) plunged by 505.35 points or 5.91 per cent to 8,038.20 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,251.38 points, traded at 25,940.44 points (at 9.16 a.m.) -- down 1,650.70 points or 5.98 per cent from the previous close at 27,591.14 points.

The Sensex has so far touched a high of 26,252.56 points and a low of 25,940.41 points.

The BSE market breadth was skewed in favour of the bears -- with 1,554 declines and 45 advances.

On Tuesday, the Indian equity markets had closed in the green on the back of positive global cues and strong buying support.

The barometer index had risen by 132.15 points or 0.48 per cent, while the NSE Nifty had edged up by 46.50 points or 0.55 per cent.