Opening Bell: Nifty below 16, 800, Sensex corrects nearly 700 points; IT shares gain, banking stocks under pressure

Domestic equity market started first session of this week on .... note amid omicron fear and weak global cues on Monday. Headline indices Sensex and Nifty opened at 56,517.26 and 16,824.25 respectively on Monday. The Sensex corrected by over 650 points and the Nifty shed over 200 points in opening trade.

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The 12-share banking Index Nifty Bank remained under pressure as the index corrected nearly 2 per cent after opening at 35,124.35.

CIpla, Powergrid, Wipro, TCS, Asian Paints were the only gainers on the two indices, while top losers were Tata Steel, HDFC Bank, IndusInd Bank, Bajaj Finserv and Tata Motors.

In the pre-open, the Sensex started nearly 500 points lower as only two shares advanced, while six declined and 22 traded in the negative.

Earlier, SCX Nifty Futures hinted at negative opening for the Indian markets as the index were trading nearly 150 points lower around 9.10 am on Monday.

On Monday, Asian indices largely opened in the red and the US markets closed in the red on Friday.

The Asian indices were trading negative as Japanese Nikkei 225 index was trading 208 points lower to 28,349, Hang Seng Index was down 0.43% to 23, 095, while Shanghai Composite was trading higher by 0.25 per cent in early morning trade.

In the US market, Dow Jones corrected 531 points to 35,365, Nasdaq Composite slipped 10.75 to 15,169.68 and S&P 500 declined by one per cent to 4602.64 on Friday.