Markets open in red, Sensex tumbles by 295.4 points to below 38,000 mark

Indian markets on Monday morning opened in red with Sensex trading at 37,738.86 and Nifty at 11,404.20.

Sensex and Nifty ended higher for the second session on Friday, as investors sentiment turned positive.

The broader NSE Nifty closed 1.28 per cent higher at 11,515.20 while the benchmark BSE Sensex ended 0.99 per cent firmer at 38,090.64.

For the week, the NSE Nifty weakened 0.64 per cent while the BSE Sensex was down 0.78 per cent, its biggest weekly fall since the week ended May 18.

Meanwhile, the Indian currency on Monday depreciated 81 paise to 72.65 against the dollar in early trade.

The dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional $200 billion of Chinese imports, forex dealers said.

On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.