Equity indices open 1.5% down; Sensex tanks 440 points

Indian equity markets on Monday opened in red as it slipped over 1.5% on the back of weak global cues. 

At 0921 hours BSE Sensex was trading at 28,364.64, down 442.56 points, or 1.54%. While, NSE Nifty was trading at 8,732.20, down 134.50 points, or 1.52%.

On 30-share benchmark, among top gainers were only Infosys (0.70%) and Tata Consultancy Services (0.13%). Among losers were ICICI Bank (-3.16%), Hero MotoCorp (-2.86%), State Bank of India (-2.75%), Axis Bank (-2.67%) and Adani Ports (-2.54%).

All the sectors on BSE were trading down except IT sector (32.12 points). Among sectors, biggest losers were Banking (-541.20 points) and Auto (-498.43 points). 

The Indian rupee opened lower by 20 paise at 66.88 per dollar versus previous close on Friday at 66.68.

The shares of Tata Steel will be in focus as the company will be announcing its financial results for the quarter ended on June 30. In the morning trade, the shares of the company were trading at Rs 382.90, down 2.94%, or Rs 11.60.

Also, market sentiments was influenced by investors trading cautiously ahead of July IIP data and August CPI data, which is due to be released later today.

As per the Reuters poll, the median forecast of 27 economists pegs CPI at 5.50% for August, down from 6.07% in July.

On global front, Asian shares skidded with investors rattled by rising bond yields and talk the Federal Reserve might be serious about lifting US interest rates as early as next week, a Reuters report said.

MSCI`s broadest index of Asia-Pacific shares outside Japan fell 1.9%, pulling away from a 13-month peak. It was the largest daily drop since the frenzy caused by Britain`s vote in late June to leave the European Union, the report added.