The domestic stock exchange have actually opened in the red, after closing at record highs on Friday, due to the emergence of profit-booking at high levels.
At 9:30 am, the BSE Sensex was trading at 52,046.50, lower by 444.15 points or 0.88 per cent and the NSE Nifty was at 15,631.54, down 169.50 points or 1.5 per cent.
The wider markets got a hammering in early trading, with the BSE Midcap index and BSE Smallcap index losing 2 percent and 1.6 percent respectively.
The selling was so broad-based that all the sectoral indices on the BSE were trading in the red, and as much as 28 of the 30 Sensex index stocks were selling the negative area.
Asian markets were greater, with several significant markets in the region closed for vacations.
In Japan, Nikkei 225 increased 0.45 percent and Topix index got 0.25 per centUnited States stocks closed modestly higher at the end of a torpid week marked with couple of market-moving drivers and persistent concerns over whether current inflation spikes could linger and cause the United States Federal Reserve to tighten its dovish policy faster than expected.The Dow Jones increased 0.04 percent, the S-P 500 got 0.19 percent and Nasdaq Composite added 0.35 per cent.Meanwhile, oil prices held near multi-year highs on Monday, underpinned by a better outlook for demand as increased Covid-19 vaccinations assist lift travel curbs.Brent crude was up 14 cents, or 0.2 per cent, at $72.83 and U.S West Texas Intermediate was likewise up 14 cents, or 0.2 percent, at $71.05 a barrel, reaching the highest because October 2018.
In the main market, the Shyam Metalics IPO and Sona Comstar IPO will open for membership on Monday.On the earnings front, Coal India, IDFC, Indian Overseas Bank and Aditya Consumer will state their Q4 numbers during the day.On the stock-specific front, financial stocks are having a rough trip, continuing from their weakness for the 3rd week in a row.
SBI, Bajaj Financing, IndusInd Bank, Bajaj Finserv, ICICI Bank, HDFC and Axis Bank have shed 1-2 per cent each on the BSE.On the other hand, Infosys and TCS were the only 2 stocks to buck the weak pattern with gains of around 1 per cent each on the BSE.The market breadth is weak.
Out of 2,778 stocks traded on the BSE, there are 1,927 decreasing stocks as against 781 advances.