The Sensex plunged around 1200 points early Friday and the Nifty was down over 300 points, mirroring the meltdown in global markets, and further weighed down by the crisis at Yes Bank.

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At 9:15 am, the Sensex opened 1,200 points lower to 37,241.22 while Nifty index opened at 10,884, down 380 points.

Investors fled small and midcaps as well, with both Nifty Smallcap and Midcap indexes down 4 percent. The India VIX (Volatility Index) surged over 12 percent, indicating a bearish outlook on the market.

All Nifty sectoral indices traded in the red, with Nifty PSU Bank the worst performer with a 5 percent slide.

Nifty Bank and Nifty Media indices slipped over 4 percent. Nifty FMCG and Nifty IT were fared slightly better in comparison, down 2 percent each.

Hindustan Unilever was the only Nifty50 gainer in the early morning session and top losers in the index included Yes Bank, IndusInd Bank, Tata Motors, SBI and Hindalco.

Key Asian markets were down, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.3 percent.