Mumbai/IBNS, Dec. 29 -- Indian equity benchmarks traded under pressure on Monday morning, with the BSE Sensex tanking over 500 points at one stage and the NSE Nifty 50 slipping below the 26,000 mark, media reports said.

The Sensex opened the session at an intraday high of 85,250-up more than 200 points from the previous close-but surrendered its gains around 11:30 am. The Nifty, too, climbed past 26,100 in early trade before witnessing a sharp correction.

Adani Ports and Special Economic Zone, Power Grid Corporation of India and Shriram Finance weighed on the indices, while Tata Steel and JSW Steel featured among the gainers, Moneycontrol reported.

The stock gained after the IT services firm announced plans to acquire US-based engineer...