Key benchmark indices extended losses in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 165.93 points or 0.45% at 36,380.55. The Nifty 50 index was down 61.90 points or 0.57% at 10,881.70.
Domestic stocks drifted lower in early trade as most Asian stocks declined.
The S&P BSE Mid-Cap index was down 1.02%. The S&P BSE Small-Cap index was down 1.08%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 588 shares rose and 1254 shares fell. A total of 92 shares were unchanged.
ONGC (down 3.73%), M&M (down 2.65%), L&T (down 2.11%), Yes Bank (down 1.8%) and Vedanta (down 1.73%) edged lower from the Sensex pack.
Infosys (up 0.97%), Kotak Mahindra Bank (up 0.81%), Bajaj Auto (up 0.47%), TCS (up 0.45%) and HDFC Bank (up 0.35%) edged higher from the Sensex pack.
Reliance Industries fell 1.14%. Reliance Industries announced that Reliance Brands (RBL), a subsidiary of the company, has acquired a further stake of 2.5% in Future101 Design (Future101) on 7 February 2019, for a consideration of Rs 1.99 crore, taking its total stake in Future101 to 15%.
REC shed 0.76%. REC announced that its board approved the proposal for incorporation of five project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for construction of projects. The announcement was made after market hours on Friday, 8 February 2019.
Overseas, Asian stocks were mixed on Monday as concerns over global growth and US-China trade talks kept investors cautious. Markets in China and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.
US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-China trade tensions.
US President Donald Trump confirmed reports that he had no plans to meet with Chinese President Xi Jinping before a March 1 trade-deal deadline. However, the US is reportedly likely to keep tariffs at 10% rather than raise them to 25% as scheduled.
In Europe, with Brexit just 47 days away, the British government has reportedly asked lawmakers on Sunday to give Prime Minister Theresa May more time to rework her divorce deal with the European Union. Communities Secretary James Brokenshire said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the prime minister to seek changes from the EU.