The domestic equity market started the week on Monday on a negative note on weak global cues. The S&P BSE Sensex opened at 37,693.19 and the Nifty50 at 11,474.95. In the first few minutes of the trade, the Sensex traded at 37,588.54, down 280.69 points or 0.74 per cent and the Nifty50 at 11,350.55, with a loss of 78.95 points or 0.69 per cent. The top losers in the Nifty50 were Vedanta, State Bank of India (SBI), Tata Motors, ICICI Bank and Hindalco, which lost between 1.71-3.31 per cent.
"Bulls have lost the momentum and an evening star patter on the daily time-frame enlighten that bears have shown their existence. The first line of defense for the Nifty is placed near 11,350," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.
Eleven out of 12 stocks in the Nifty PSU Bank index traded with losses.
Meanwhile, Asian share markets skidded and the euro hit one-year lows on Monday as a renewed rout in the Turkish lira infected the South African rand and drove demand for safe harbours, including the US dollar, Swiss franc and yen, stated a report by news agency Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.3 per cent to a five-week low. Japan's Nikkei lost 1.6 per cent with every bourse in the region in the red.
In commodity markets, gold found little in the way of safety flows and was last down at $1,208.21 an ounce.
Oil prices were mixed with Brent off 14 cents at $72.67 a barrel, while US crude added 2 cents to $67.65.
On Friday, foreign portfolio investors bought sold equities of Rs 510.66 crore while domestic institutional investors purchased Rs 457.83 crore-worth of shares. In the previous session, Sensex plunged 155.14 points to end at 37,869.23 and the NSE's Nifty50 index skidded 41.20 points to settle at 11,429.50. (With Reuters inputs)