Sensex loses ground by over 170 points in early trading

Mumbai: Domestic stock markets opened on a weak note on Monday, the S&P BSE Sensex down by 174 points at 36,295.

At 11:15 am, the Nifty 50 was also at 10,835, down 58 points in line with weak global cues.

Tata Steel, IndusInd Bank, and Bharti Airtel were in the red.

Shares of Reliance Communications were also down after the firm filed for insolvency on Friday. The RCom board had decided last week to approach the National Company Law Tribunal (NCLT) for fast-tracking its debt resolution plan.

Shares in India’s Dewan Housing Finance Corp Ltd plunged as claims of financial mismanagement and broader sectoral woes continue to plague the home loan provider.

Eicher Motors, Bajaj Auto and ONGC, however, gained some ground.

Meanwhile, Asian indices were mostly showing gains after a mixed performance on Wall Street at the close of last week. The dollar also firmed against the yen following good US job and manufacturing data.