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Sensex Down Over 400 Points; Nifty Below 17,700

Indian shares opened notably lower on Monday, mirroring weak global cues amid concerns about European Covid-19 curbs and the possibility of earlier interest-rate increases in the United States.

The benchmark S&P BSE Sensex dropped 410 points, or 0.7 percent, to 59,225 in early trade, while the broader NSE Nifty index was down 106 points, or 0.6 percent, at 17,658.

Reliance Industries tumbled 3.2 percent after it shelved a proposed deal to sell a 20 percent stake in its oil refinery and petrochemical business to Saudi Aramco.

Maruti Suzuki India fell over 2 percent. The carmaker ruled out getting back into the diesel segment.

Paytm plunged 6 percent after a monthly business update.

Bharti Airtel soared as much as 5.3 percent after the telecom major increased prepaid mobile tariffs by 20-25 percent and data top-up plans by 20-21 percent.

MTNL jumped 7.7 percent after the government listed for sale real estate assets of the state-run telecom firm.

IRB Infrastructure was little changed after its shareholders approved a resolution for Rs. 5,347 crore capital inflow.

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