Global cues equity indices lower; banking stocks down

Indian equity markets opened lower on Monday as concerns over a possible escalation in global trade protectionism, coupled with weak Asian markets, weighed on investor sentiment.

Selling pressure was particularly visible in banking, consumer durables, capital goods and automobile stocks, pulling the benchmark indices sharply lower in early trade.

At 9.30 a.m., the Nifty50 on the National Stock Exchange was trading at 11,418.25 points, down 96.95 points or 0.84 per cent from its previous close.

The S&P BSE Sensex was at 37,781.06 points, declining 309.58 points or 0.81 per cent from Friday's close of 38,090.64. The index had opened at 38,027.81 and touched an early high of 38,027.81 and a low of 37,776.57.

The weak opening came after a strong performance in the previous trading session on September 14.

The Nifty50 had ended Friday at 11,515.20, gaining 145.30 points or 1.28 per cent from its previous close of 11,369.90.

Similarly, the Sensex had climbed 372.68 points or 0.99 per cent to close at 38,090.64, compared with its previous close of 37,717.96.

The sharp reversal at the start of Monday's session reflected renewed caution among investors as global trade tensions remained a key concern. Weak cues from other Asian markets further added to the pressure on domestic equities.

With several major sectors witnessing broad-based selling, market participants were closely watching global developments for further direction.