The BSE Sensex declined around 350 points on Monday morning tracking weakness in the global markets.
Slump in the shares of index-heavyweight Reliance Industries (RIL) also pulled the indices lower. Around 10.15 a.m., RIL shares on the BSE were trading at Rs 2,373, lower by Rs 52.45 or 2.16 per cent from their previous close.
Sensex was trading at 57,951.71, lower by 353.36 points or 0.61 per cent from its previous close or 58,305.07 points.
It opened at 58,262.11 and has touched an intraday high of 58,314.64 and a low of 57,944.63 points.
The Nifty50 on the National Stock Exchange was trading at 17,272.70, lower by 96.55 points or 0.56 per cent from its previous close.
Heavy selling was witnessed in banking and energy stocks.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The markets opened on a soft note this morning. This does not come as a surprise considering the sharp run up with no correction. The support for the Nifty is currently at 17,250 and as long as that holds, traders can consider a buy on dips approach for a target of 17,450.”
“There is every possibility the Nifty also becomes sideways and trades within this range of 17,250-17,450,” he said.