Mumbai, Jan 6 (IANS): Sustaining heavy losses due to negative global cues, a benchmark index of Indian equities markets plunged over two percent or 556 points in the mid-afternoon trade session Tuesday.

Market analysts cited that the fall in Indian markets was due to heavy corrections in crude oil prices and investor concerns over a potential Greek exit of the Eurozone.

On the domestic front the operations of state-owned monopoly Coal India Limited (CIL) were hit as workers' joined a five-day nationwide strike against the government's plans to allow private players in the sector.

All sector-based indices of the S&P Bombay Stock Exchange (BSE) were trading in the red. Heavy selling pressure was observed in banking, automobile, capital goods, healthcare, metal, oil and gas, information technology (IT) and consumer durables sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 27,694.23 points, was trading at 27,268.17 points (at 1.18 p.m.), down 556.15 points or 2.00 percent from the previous day's close at 27,842.32 points.

The Sensex had touched a high of 27,698.93 points and a low of 27,207.64 points in the trade so far.

The S&P bank index plunged by 399.22 points, automobile index fell by 330.27 points, capital goods index dropped by 274.62 points, healthcare index was lower by 258.83 points and oil and gas index dropped by 237.60 points.

Other sector-based indices which came under heavy selling pressure were S&P metal index which went down by 236.60 points, IT index dipped by 195.29 points and consumer durables index slid by 141.98 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading 154.05 points or 1.84 percent down at 8,224.35 points.