The Sensex is down 287.36 points or 1 percent at 27805.43 and the Nifty is down 98.75 points or 1 percent at 8386.15. About 170 shares have advanced, 532 shares declined, and 64 shares are unchanged.
Metal stocks are reeling under pressure with losers like Tata Steel and Hindalco. SBI, ICICI Bank and Axis Bank are other laggards in the Sensex. Kotak Mahindra is up over 1 percent.
The Indian rupee slipped in the early trade. It has opened lower by 18 paise at 63.62 per dollar against Friday's closing value of 63.44 a dollar.
Brent crude slipped to sub 60 dollars per barrel while Nymex crude was also over 3.5 percent lower Gold rose above 1170 dollars an ounce.
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