Sensex drops 198 points, Nifty at 11,072
Sensex
The key Indian equity indices opened on a negative note on Monday with heavy selling pressure in consumer durables, auto and banking stocks.
At 9.51 a.m, the wider Nifty50 on the National Stock Exchange traded at 11,072 points, lower by 70.35 points from its previous close 11,143.10 points and S&P BSE Sensex was trading at 36,643 points, lower by 198 points.
The domestic sharemarket opened in red tracking weak global cues, along with a lower opening of the rupee and negative SGX Nifty futures on the Singapore Exchange.
The rupee fell sharply by 29 paise to 72.49 against the dollar in opening trade on Monday.
According to a Reuters report, Asian shares stumbled in holiday-thinned trading as China ramped up trade tensions by cancelling upcoming tariff talks with the United States, while oil prices jumped after top producers ruled out boosting crude output.