The top five Nifty losers were NTPC, Indian Oil, PowerGrid Corporation, ICICI Bank and Bharat Petroleum.
The benchmark BSE Sensex opened in red today. At 9:36 AM, Sensex fell 52.95 or 0.15% to trade at 34,959.40 while Nifty was at 10,531.35. The top five Nifty losers were NTPC, Indian Oil, PowerGrid Corporation, ICICI Bank and Bharat Petroleum.
Meanwhile, President Xi Jinping vowed on Monday to open access to China's economy, while delivering a veiled rebuke to the Trump administration, as he kicked off an import fair amid growing foreign accusations that his government was backtracking on reform pledges.
Xi said China would seek to "step up" moves to stimulate domestic consumption of imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements, among other measures.
"We will foster a world-class business environment," Xi said in an address opening the import fair in Shanghai.
Asian stocks were hammered on Monday as fears of faster rate hikes in the United States and uncertainty around the Sino-U.S. trade war dented risk sentiment, while sterling jumped to two-week highs on hopes of an orderly Brexit.
MSCI's broadest index of Asia-Pacific shares outside Japan stumbled more than 1 percent but was still well off a 1-1/2 year trough touched last week.
Japan's Nikkei sank 1.2 percent while South Korea's KOSPI index plunged 1.8%.
Chinese shares opened in the red with blue-chip stocks off 1 percent even as President Xi Jinping promised to lower import tariffs and continue to broaden market access.
Meanwhile, the rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows.
The rupee opened lower at 72.76 per dollar against previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade.
Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee.
Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, they added.
The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices.
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