The Indian market opened lower on Monday following cautious sentiment in the global markets, with the Sensex trading 66 points lower at 38,756 at 9:20 am, and the broader Nifty50 index trading 27 points lower at 11,484. Investors await the Reserve Bank of India’s monetary policy decision later this week.

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Axis Bank, Bharti Airtel, ITC, M&M, and IOC were the top gainers on the Nifty50, while Cipla, Tata Steel, JSW Steel, Adani Ports, and ICICI Bank led the losses.

Sectoral indices were mixed at the opening. Major selling was seen in the banking and metal indices. Meanwhile, auto, IT and FMCG sectors were in the green.

Nifty Metal was under pressure given the ongoing US-China trade war and as global brokerage firm CLSA remains cautious on the sector. Tata Steel and JSW Steel fell around 2 percent after the brokerage reiterated 'sell' call on the stocks.

Cipla fell over 2 percent after the USDFA conducted a cGMP inspection at the firm’s Goa manufacturing facility from September 16-27, which ended with 12 observations, none of which are related to data integrity.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 percent while Japan's Nikkei shed 0.61 percent. Chinese share market will trade only on Monday due to China’s National Day holiday, which runs until October 7.

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First Published:Sept 30, 2019 9:38 AM IST