Indian equity benchmark indices opened on a negative note in the truncated week on Monday following weakness in Asian and global peers amid the ongoing Russia-Ukraine war situation.

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The BSE Sensex fell 688 points to 55,170 in the opening, while the NSE Nifty was at 16,481, trading lower by 177 points.

Tata Steel and PowerGrid were the only gainers, up to 1 percent higher among the Sensex-30 pack while Bharti Airtel, HDFC Bank, Dr Reddy's, Asian Paints, Maruti, M&M, Bajaj Finserv, Kotak Bank, and Axis Bank, were the top losers.

In the broader markets, the BSE MidCap and SmallCap indices were also trading in the negative territory, down 1 percent each.

Among sectoral indices, while BSE Auto, Telecom, Realty indices slipped in the red, falling up to 2 percent, while IT and Pharma were down over a percent each. BSE Metals was trading flat in a weak market.

Oil prices jumped on Monday on escalating sanctions against Russia over its invasion of Ukraine, which in turn led President Vladimir Putin to put his country's nuclear deterrent on high alert. Brent jumped back above $100 a barrel, initially surging more than $7.

The Russian rouble tumbled to a record low against the dollar on Monday, after Western nations announced a harsh set of sanctions over the weekend to punish Russia for its invasion of Ukraine, including sanctions on the country's currency reserves.

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