The Indian stock market's benchmark Sensex fell 823.08 points on Monday dragged by heavy selling pressure in the metal and power stocks.
The 30 stock S&P BSE Sensex was trading 823.08 points or 1.50 per cent down at 54,012.50 points at 9:35 am.
The broader Nifty 50 of the National Stock Exchange was trading 216 points or 1.32 per cent down at 16,195.25 points.
Today's focus would be on Mindtree as it announced a merger with L&T Infotech. The two independently listed IT services companies under Larsen & Toubro Group would together create India's fifth-largest IT services provider. The combined entity will be known as "LTIMindtree".
Metal firm APL Apollo was trading 5.90 per cent down at Rs 895.95. The National Mineral Development Corporation slipped 3.15 per cent to Rs 147.60. The Steel Authority of India slumped 2.89 per cent to Rs 87.35.
Realty stocks also witnessed selling pressure. Tata Power slumped 7.57 per cent to Rs 226.65. JSW Energy slipped 3.68 per cent to Rs 289. Adani Green Energy slipped 3.22 per cent to Rs 2780.
None of the 30 scrips that are part of the benchmark Sensex was trading in the positive today. Infosys, Bajaj Finserv Limited, HCL Technologies, and the Power Grid Corporation of India were the only Sensex gainers.