The domestic equity market opened in red on Monday as indicated by SGX Nifty and on global cues.
The BSE Sensex tanked over 600 points to 54,188 while the NSE Nifty shed 150 points to 16,265.
Barring Powergrid and Titan, all the remaining stocks opened in red on the BSE. Tech Mahindra, Axis Bank, TCS, Tata Steel, and wipro were among the major losers, down up to 3.8 per cent.
Barring Nifty Media, all indices traded in the red. Metal, followed by IT, were among the top losers from the sectoral space in opening deals.
In the broader markets, the BSE MidCap and SmallCap indices also fell up to 0.83 per cent.
Meanwhile, Rupee hit a record low of 77.17 against USD at open.
Nifty futures on the Singapore Exchange traded 197.5 points, or 1.20 per cent, lower at 16,222.50, signaling that Dalal Street was headed for a negative start on Monday.
Asian markets got off to a shaky start on Monday as US stock futures took an early skid on Fed rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession.
S&P 500 stock futures led the way with a drop of 0.6%, while Nasdaq futures shed 0.7%. U.S. 10-year bond futures also lost 8 ticks. Nikkei futures were trading at 26,745 compared to a cash close of 27,003 on Friday.
In the US, stock futures were trading with deep cuts, dropping up to 1.35 per cent after a lower close for Wall Street on Friday. On Friday, the S&P 500 shed 0.57 per cent, the Nasdaq fell 1.40 per cent and the Dow shed 0.30 per cent.
In the primary market, the LIC IPO offer period will close today. The issue has been subscribed 1.79x so far. The policyholder quota has been subscribed over 5x, employee portion 3.8xand retail individual investor quota 1.6x.
Among stocks, the shoe brand Campus Activewear will debut on the bourses today. The shares are commanding a premium of around Rs 60 apiece in the unlisted market.
Reliance will also be in focus after the oil-telecom-to-retail major reported a 20.2 per cent year-on-year growth in consolidated profit at Rs 18,021 crore in Q4 led by strong operating income as well as topline.