Sensex fell over 1,000 points in early trade on Monday, while Nifty slipped below the 23,400 mark. Tata Steel was the biggest loser on the Sensex, dropping 4.55%, followed by Power Grid, which fell 3.55%. Auto and consumer stocks also witnessed sharp declines. Notably, Indian rupee hit a fresh record low of 96.20 against the US dollar on Monday.