The equity benchmark indices traded lower on Monday as sentiment remained subdued over elevated crude oil prices and their impact on inflation, while selling in IT shares also dented market sentiments.
At around 9:45 a.m., the Sensex was down 521.64 points or 0.71 percent at 72,602.19, while the broader Nifty declined to 22,422.60, down 177.40 points or 0.78 percent.
1) Selling in IT shares: IT stocks shed 2.3%, leading the losses. Infosys lost 3.4% after it slashed its annual revenue growth forecast as weakness in its key North American market outweighed its higher-than-expected revenue.
2) Decline in crude prices: Brent crude futures traded around $114 a barrel, easing from a near six-month high of $117 after the Indian market close on Friday, though ongoing attacks on Saudi Arabia kept supply concerns in focus.
3) Fed jitters: Investors are focused on the US Federal Reserve's policy decision this week.