The Indian market opened lower on Thursday tracking weakness in the domestic currency amid global volatility.

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The Indian rupee opened at a record low of 70.19 against the dollar and further slipped to all-time record low of 70.26 in early trade.

The Sensex was trading more than 202 points lower at 37,649.13, while the Nifty 50 shed nearly 38 points to trade at 11,397.

All sectors except IT and pharma were trading lower in the initial trade. Nifty Bank dropped 0.66 percent while midcaps were trading lower by 0.35 percent. Pharma stocks led by Cipla and Sun Pharma rose in early trade.

Oil marketing companies surged after Brent crude prices hit four-month low and Nymex slid to two-month low over reports of higher US crude stockpiles.

Kotak Mahindra Bank shares dipped the most after the RBI rejected the private sector bank's Perpetual Non-Cumulative Preference Shares issue. Other major laggards were Vedanta, Hindalco, Yes Bank, UltraTech Cement.

Asian markets traded volatile. Japan's Nikkei was in the green, while Hang Seng was up by 75 points. Wall Street posted losses overnight.

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