Indian equity benchmark indices Sensex and Nifty50 began trading on Monday deep in the red tracking across-the-board losses amid a selloff in global markets as concerns over rising Omicron renewed.

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At 9:15 am, Sensex plunged 1,028.61 points or 1.80 per cent to 55,983.13 while the Nifty tanked 307.50 points or 1.81 per cent to 16,677.70.

All the broad market indices were trading in red except for India VIX, which was up 9 percent.

While Tata Steel, BPCL, JSW Steel, Tata Motors and SBI were the top losers, Cipla, Dr Reddy, TCS, Wipro, Power Grid were the top gainers.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,069.90 crore on Friday, according to stock exchange data.

"Rising inflation, hawkish central banks, exploding COVID cases, sustained selling by FIIs and slowing growth momentum in the developed economies combined to produce the perfect storm that spooked the markets last week," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.