The Indian market opened in the negative territory on Monday following the downtrend in global equities. The Sensex opened 647 points lower at 54,188 while the Nifty50 opened 183 points lower at 16,227.

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Both the headline indices fell further, hitting their lowest intraday levels since March 9. While the Sensex touched a low of 53,918.02, Nifty hit 16,142.10.

Indian stock market witnesses heavy selling pressure at open

Stronger-than-expected jobs data in the US led to worry about higher interest rate hike and tightening lockdown in Shanghai only added to the worries.

MSCI's broadest index of Asia Pacific shares outside Japan was down one percent at the time of writing this copy.

Losses in shares of Reliance Industries, ICICI Bank, HDFC Bank, Tata Consultancy Services, Axis Bank and State Bank of India contributed the most to the fall in the 50-stock index. Infosys, UPL and HCL Technologies were the best performers on Nifty50.

According to the NSE website, 266 stocks advanced and 1,689 declined while 46 shares remained unchanged.

Snapshot of major index movers on Nifty50

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On Friday, the three main Wall Street indices extended losses as investors assessed whether the Fed will need to be more aggressive than expected in raising interest rates to tackle inflation. The S&P 500 closed 0.6 percent lower, the Dow Jones fell 0.3 percent and the technology stocks-heavy Nasdaq Composite was down 1.4 percent.