Key benchmark indices extended the losses in early trade on Monday falling below the crucial 35,000-level as investors carried on to book profits. Weakness in global markets also fuelled the sentiments. Heavy selling momentum in banking, auto, capital goods and O&G stocks also pulled the equity indices lower.
The BSE Sensex was down 390 points at 34,676.62, whereas NSE Nifty 50 index declined 106.95 points at 10,653.65 in later morning deals.
Stocks of HDFC, Yes Bank, State Bank of India, Axis Bank, Tata Steel, Bajaj Auto, Larsen & Toubro, Hero MotoCorp, Kotak Bank, Adani Ports emerged as the major losers among the Sensex stocks, skidding up to 4 percent while Bharti Airtel and Tata Motors were the only notable gainers on the index.
IT stocks were also trading higher with HCL Technologies, Mphasis, Infosys Ltd, Tech Mahindra and Wipro at a tune of 3 to 1 percent.
Shares of Bosch and Tata Motors will be in focus ahead of their Q3 earnings. Other major companies which are also announcing their Q3 results include Colgate Palmolive, Cochin Shipyard, Ujjivan Financial Services, Eveready Industries, Hudco, IFCI Ltd.