Equity benchmark indices wobbled in the negative terrain during early hours on Monday with banking stocks under selling pressure.
At 10:15 am, the BSE S&P Sensex was down by 345 points or 0.59 per cent at 57,960 while the Nifty 50 dipped by 97 points or 0.56 per cent to 17,273.
Many sectoral indices were in the red with Nifty private bank down by 0.5 per cent, PSU bank and pharma by 0.3 per cent each and financial service by 0.2 per cent. But Nifty metal rose by 0.6 per cent.
Among stocks, index heavyweight Reliance Industries lost by 2.2 per cent to Rs 2,371.90 per share as subsidiary Jio delayed the launch of ultra low-cost smartphone.
IT majors HCL Technologies and Infosys were down by 0.6 per cent. ICICI Bank was down by 1 per cent, Axis Bank by 0.5 per cent and IndusInd Bank by 0.4 per cent.
However, Coal India, Hindalco, JSW Steel, Bharti Airtel, Maruti Suzuki and Bajaj Auto traded with a positive bias.
Meanwhile, Asian shares made a sluggish start to a week packed with major US and Chinese economic data. MSCI's broadest index of Asia Pacific shares outside Japan eased 0.7 per cent after bouncing on Friday.
Japanese shares have been on a tear as hopes for fresh stimulus from a new Prime Minister saw the Nikkei surge 4.3 per cent last week. But the Nikkei dipped 0.3 per cent ahead of the resistance barrier.
Hong Kong equities sank more than one per cent following another sell-off on Wall Street fuelled by fresh inflation concerns.
Also Read: Beware: Know why you can't trust top Chinese sellers, Amazon slaps ban