The Bombay Stock Exchange benchmark Sensex plunged by 442.20 points to a two-year low of 12,153.55 in early trade today on all-round selling by funds following rejection of the USD 700-billion package by US House of Representatives.

Within minutes of opening, the BSE Sensex fell by 442.20 points to a nearly two-year low of 12,153.55 amid all-round selling by funds mainly in the stocks of banking, metal, realty and IT sectors.

The National Stock Exchange index Nifty fell by 135 points or 3.40 per cent at 3,715.05 with all the heavy-weight stocks trading in negative zone.

Shares of ICICI were down by nine per cent at Rs 458 in early trade but recovered to Rs 488.35 later.

It closed yesterday at Rs 493.30 points.

SBI plunged by Rs 52 or four per cent to Rs 1,353, but later recovered to Rs 1,403.

"Deepening global financial crisis after rejection of the USD 700 billion bailout package by US House of Representatives mainly triggered all around selling on the Indian bourses," said a Delhi-based broker, Manoj Choraria.

Major losers were Reliance Infra, HDFC bank, Infosys, Satyam Computers, BHEL and Larsen and Toubro.