Equity benchmark indices opened lower on Monday. Dr Reddy's, HDFC, IndiGo and Torrent Pharma are scheduled to announce their December quarter results today.
All the sectoral indices were trading lower on the Nifty50 index, except realty index. The Metal index dropped 2%, followed by auto, banking, media and financial services.
The Sensex is down 263 points at 41,394 and the Nifty is down 74 points at 12,174. Around 605 shares have advanced, 947 shares declined, and 581 shares are unchanged.
ICICI Bank, TCS, Dr Reddy's Lab and TCS are among major gainers on the Indices, while losers are JSW Steel, Vedanta and Tata Steel.
Shares of ICICI Bank gained 1% after the bank posted strong Q3 earnings.
Asian stocks were trading lower as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak.
Further, West Texas Intermediate Crude oil futures slumped a further 2% to multi-month lows amid rising concerns about the outlook for energy demand and excess supply in the market.
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