The Bombay Stock Exchange benchmark Sensex fell by over 170 points in early trade on Monday on fresh selling by funds and retail investors in line with weakening global markets.
The 30-share index, which had gained 516.19 points on Friday, shed 170.34 points at 14,394.19 after banking, capital goods and oil and gas sectors lost sizeable grounds.
Similarly, the wide-based National Stock Exchange fell by 49.30 points at 4,310.70.
Stock brokers said reports of subdued trends at global markets dampened the trading sentiments.
Weakening rupee, which depreciated to a 17-month low of 44.19 against the US dollar following a rise in crude oil prices in the global markets, also cast a shadow on the trading sentiments, they said.
Major losers which dragged the Sensex down were Reliance Industries, Reliance Infra, ONGC, Rcom, Larsen and Toubro, BHEL, HDFC Ltd, State Bank of India, ICICI Bank, HDFC Bank, Tata Power, Maruti Suzuki, Infosys Technologies, Grasim Industries, Bharti Airtel and Tata Steel.
However, technology stocks such as Infosys Technologies, Tata Consultancy Services and Satyam Computers were in the positive zone on selective buying.
Meanwhile, Hong Kong's benchmark Hang Seng plunged 1.7 per cent in early trading, tracking Wall Street's fall on Friday.