The barometer Sensex of the BSE opened over 400 points down on Monday -- slipping below the important 35,000-level -- as investors continued to book profits.
The other key index -- NSE Nifty50 -- dropped over 150 points on opening.
According to market observers, negative global cues, along with heavy selling pressure in banking, capital goods, auto and oil and gas stocks, pulled the equity indices lower.
Around 9.22 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,718.85 points, traded at 34,655.23 points -- down 411.52 points or 1.17 per cent from its previous close.
The BSE market breadth was bearish as 1,628 stocks declined as against 171 advances.
On the the National Stock Exchange, the wider Nifty50 declined by 131.95 points or 1.23 per cent to trade at 10,628.65 points.
Last Friday, the equity indices fell the steepest since November 2016 as reintroduction of the long-term capital gains (LTCG) tax in the Budget led to a huge sell-off in the markets.
The Sensex plunged by 839.91 points or 2.34 per cent to close at 35,066.75 points, while the Nifty50 dropped 256.30 points or 2.33 per cent to 10,760.60 points.
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