The Indian market opened lower on Monday tracking muted global trades with the benchmark Sensex dropping over 100 points and the Nifty50 below the 12,000-mark. Trade sentiment also remained negative due to Moody's Investors Services downgrading India's outlook to 'negative' from stable last week.

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The 30-share S&P BSE Sensex opened at 40,316. The NSE Nifty50 started at 11,879. Infosys, ICICI Bank and Sun Pharma were notable losers, while HDFC Bank supported indices.

On Friday, the 50-stock index ended 0.9 percent lower at 11908.15, while the Sensex closed at 40323.61, down 0.8 percent.

Yes Bank, ZEEL, Bharti Airtel, NTPC and Tata Motors are top gainers today, rising by up to 3.63 percent. Sun Pharma, Cipla, Coal India, Grasim and Nestle India slipped by up to 3 percent.

Shares of Ashok Leyland tumbled 7 percent on Monday after the automaker reported a massive 92.6 percent year-on-year decline in its net profit at Rs 38.9 crore for the second quarter. It had posted a net profit of Rs 527.7 crore in the year-ago period.

The stock fell as much as 7 percent intraday to Rs 71.20 per share on the BSE.

Lupin gained over a percent in early trade after the company received USFDA approval for Zileuton Extended-Release Tablets.

The Indian rupee opened at its lowest since October 17 at 71.36 per dollar, down 8 paise against its Friday's close of 71.28.