The Bombay Stock Exchange benchmark Sensex fell by over 58 points, or 0.34 per cent, in opening trade today on continued sell-off by funds and investors amid a weak trend on the other Asian bourses.
The 30-share Sensex, which had gained 45.42 points in yesterday's choppy trade, shed 58.14 points, or 0.34 per cent to 16,178.91 points, in opening trade as stocks of oil and gas, metals, auto and consumer durable took a dive.
The wide-based National Stock Exchange index Nifty also drifted by 23.25 points, or 0.47 per cent to 4,833.15 points.
Brokers said profit-taking by participants and weak trend on the other Asian markets dampened trading sentiments.
Besides, cautious approach adopted by major players ahead of general budget on Friday also cast its shadow on the sentiments, they added.
Reliance Industries fell by nearly 0.90 per cent to Rs 971 following reports the company had raised its bid for the bankrupt chemicals maker LyondellBasell.
Other losers were Sterlite Industries, which fell by 0.52 per cent to Rs 743.10, Tata Steel by 0.92 per cent to Rs 566.75, Hindalco by 0.55 per cent to Rs 152.80, HDFC Ltd by 0.25 per cent to Rs 2,475, HDFC Bank by 0.44 per cent to Rs 1,689.80 and Tata Consultancy Services by 0.25 per cent to Rs 754.40.
The Hong Kong's Hang Seng index fell by 0.86 per cent, while Japan's Nikkei shed 1.16 per cent in the morning trade today. The US Dow Jones Industrial Average ended 0.18 per cent down in Monday's trade.