 "Broader markets underperform, BSE Midcap index down 2%")
Benchmark indices continue to remain under selling pressure weighed down by banks, capital goods, metal and auto shares.
By 11:15, the Sensex was lower by 321 points at 20,812 mark and the Nifty declined by 96 points at 6,168 mark.
On the global front, Asian shares took a beating and the yen raced to a seven-week high against the dollar on Monday, as emerging markets remained under pressure with the US Federal Reserve poised to continue tapering its stimulus and tighter credit conditions in China raising fears of a slowdown.
Back home, the rupee hit 62.90 in early trade, its lowest level since November 22, as Asian stocks were trading with heavy losses. The pair was last trading at 62.77/78 vs Friday's close of 62.66/67.
On the sectoral front, BSE Bankex, Capital Goods, Realty, Metals and Auto indices have slumped by 3% each. Infact, all the major BSE sectoral indices are trading in red zone.
Rate sensitive shares were among the top losers in early trades on Monday, amid weak global cues, on fears that interest rates would continue to remain high.
Last week, Reserve Bank of India Governor Raghuram Rajan commented that inflation is a destructive disease which is forcing the central bank to keep interest rates high.
Bank stocks have declined ahead of the Reserve Bank of India (RBI) Third Quarter Review of Monetary Policy for 2013-14 tomorrow
Bank shares were among the top losers in early trades with ICICI Bank, HDFC Bank, SBI and Axis Bank down 2-3% each.
In the auto pack, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto and Hero MotoCorp were down 1-4% each.
Engineering majors BHEL and Larsen & Toubro were both down over 2% each.
Shares in Tata Motors fell 5% on Monday after the automaker's managing director, Karl Slym, died on Sunday when he fell from a high floor of a hotel in Bangkok.
TCS slipped after turning ex-dividend today. FMCG major Hindustan Unilever has declined ahead of its Q3 results today.
Ranbaxy Laboratories has dipped by nearly 8%, adding to Friday's 19.43% plunge, as the drug maker continues to reel after the U.S. drug regulator banned more of its products.
Other notable losers are Sesa Sterlite, Hindalco, Tata Steel, Bharti Airtel and Tata Power.
Among other shares, Kaveri Seed rose to Rs 402 after the company's shares were quoted as stock split from today with record date being January 28, 2014.
Shares of Glenmark Pharmaceuticals were up 3% at Rs 524 after the company reported growth in its speciality and generic business despite a challenging business environment.
Torrent Power has lost 3.79% to Rs 102.90 at 9:42 IST on BSE after the company reported consolidated net loss of Rs 35.51 crore in Q3 December 2013 as against net profit of Rs 95.66 crore in Q3 December 2012.
The broader markets continue to underperform the benchmark indices- BSE Midcap and Smallcap indices have fallen by nearly 2% each.
The market breadth in BSE remains dismal with 1,444 shares advancing and 488 shares declining.
By 11:15, the Sensex was lower by 321 points at 20,812 mark and the Nifty declined by 96 points at 6,168 mark.
On the global front, Asian shares took a beating and the yen raced to a seven-week high against the dollar on Monday, as emerging markets remained under pressure with the US Federal Reserve poised to continue tapering its stimulus and tighter credit conditions in China raising fears of a slowdown.
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MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.6% to nearly a five-month low, on track for its worst one-day performance since August after losing more than 1.0% on Friday. Japan's Nikkei share average gave up the 15,000-level and dropped 2.7%.
Back home, the rupee hit 62.90 in early trade, its lowest level since November 22, as Asian stocks were trading with heavy losses. The pair was last trading at 62.77/78 vs Friday's close of 62.66/67.
On the sectoral front, BSE Bankex, Capital Goods, Realty, Metals and Auto indices have slumped by 3% each. Infact, all the major BSE sectoral indices are trading in red zone.
Rate sensitive shares were among the top losers in early trades on Monday, amid weak global cues, on fears that interest rates would continue to remain high.
Last week, Reserve Bank of India Governor Raghuram Rajan commented that inflation is a destructive disease which is forcing the central bank to keep interest rates high.
Bank stocks have declined ahead of the Reserve Bank of India (RBI) Third Quarter Review of Monetary Policy for 2013-14 tomorrow
Bank shares were among the top losers in early trades with ICICI Bank, HDFC Bank, SBI and Axis Bank down 2-3% each.
In the auto pack, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto and Hero MotoCorp were down 1-4% each.
Engineering majors BHEL and Larsen & Toubro were both down over 2% each.
Shares in Tata Motors fell 5% on Monday after the automaker's managing director, Karl Slym, died on Sunday when he fell from a high floor of a hotel in Bangkok.
TCS slipped after turning ex-dividend today. FMCG major Hindustan Unilever has declined ahead of its Q3 results today.
Ranbaxy Laboratories has dipped by nearly 8%, adding to Friday's 19.43% plunge, as the drug maker continues to reel after the U.S. drug regulator banned more of its products.
Other notable losers are Sesa Sterlite, Hindalco, Tata Steel, Bharti Airtel and Tata Power.
Among other shares, Kaveri Seed rose to Rs 402 after the company's shares were quoted as stock split from today with record date being January 28, 2014.
Shares of Glenmark Pharmaceuticals were up 3% at Rs 524 after the company reported growth in its speciality and generic business despite a challenging business environment.
Torrent Power has lost 3.79% to Rs 102.90 at 9:42 IST on BSE after the company reported consolidated net loss of Rs 35.51 crore in Q3 December 2013 as against net profit of Rs 95.66 crore in Q3 December 2012.
The broader markets continue to underperform the benchmark indices- BSE Midcap and Smallcap indices have fallen by nearly 2% each.
The market breadth in BSE remains dismal with 1,444 shares advancing and 488 shares declining.