Infosys was down 4 percent after lowering of full-year EBIT margin guidance.
10:05 am Market Outlook: Dinesh Rohira of 5nance.com said based on a Fibonacci retracement, a support for the Nifty50 placed at 10,417 levels and resistance at 10561 levels.
With positive set of macro data, and better-expected earnings result, the index is likely to build uptrend momentum in coming session as it decisively indicated in the last week trade.
However, a geopolitical tension is expected to keep index volatile on a rangebound move although we maintain an upwards bias at 10,630 levels on weekly basis and at 10,390 on the downside.
9:55 am Rupee Update: The rupee fell 20 paise to 65.40 against the US dollar on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities.
Geopolitical tensions over Syria and trade war concerns weighed on the domestic unit. But, a weak dollar against major global currencies capped some losses, forex dealers said.
India's exports dipped by 0.66 percent to USD 29.11 billion in March, even as they increased by 9.78 percent for the full 2017-18 fiscal.
The rupee closed higher by 6 paise at 65.20 in the previous session on Friday on the back of positive macroeconomic data and firm local equities.
9:45 am Market Update: The market is off its opening lows, with the Sensex falling 100 points due to selling pressure in technology, oil exploration and select banks stocks.
Infosys was the biggest loser among Nifty50 stocks, down 4 percent after the company lowered its full year margin guidance.
Bhansali Engineering was down 3 percent while ICICI Securities, DCB Bank, Gruh Finance gained up to 6 percent after March quarter earnings.
9:31 am Buzzing: Rane Brake Linings share price lost 12 percent intraday Monday after disappointing performance on operational front in March quarter.
Revenue from operations in March quarter grew by 13 percent to Rs 142 crore and net profit increased 50 percent to Rs 6 crore compared to year-ago quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation), however, fell 22.7 percent year-on-year to Rs 17 crore and margin contracted by 550 basis points to 12 percent for the quarter ended March 2018.
9:21 am Market Update: Benchmark indices recouped half of opening losses, supported by ITC and HDFC Bank.
Infosys, Tata Motors and Reliance Industries continued to trade lower, putting pressure on the market.
The 30-share BSE Sensex was down 96.96 points at 34,095.69 and the 50-share NSE Nifty fell 26.40 points to 10,454.20.
About two shares declined for every share rising on the BSE.
9:18 am Market Outlook: Rahul Sharma, Senior Research Analyst at Equity99 said rising crude oil prices and geopolitical risk from the global markets would be important factors that could impact the sentiment going forward.
On Friday, President Donald Trump had ordered strikes on Syrian targets, seeking to punish President Bashar Assad for a suspected chemical attack near Damascus.
Any new development on this front will affect global sentiments, including Indian markets.
9:15 am Market Update: Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following negative lead from SGX Nifty futures and global stocks.
The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40.
Infosys was down 4 percent after lowering of full year EBIT margin guidance.
Tech Mahindra, Wipro, Tata Motors, Axis Bank, IOC, Hindalco, Vedanta and ICICI Bank were under pressure in early trade.
Hero Motocorp, Bajaj Auto, M&M, Cipla, ITC and Bajaj Finserv gained.
The Nifty Midcap index was down 126 points.
UCO Bank, Rane Brake, Bhansali Engineering and NIIT Technologies slipped up to 13 percent.
Mishra Dhatu, DCB Bank, Gruh Finance and ICICI Securities gained up to 4 percent.
9:12 am Pre-Opening Settlement: Benchmark indices settled sharply lower in pre-opening, with the Sensex falling 247.92 points to 33,944.73 and the Nifty declining 82.30 points to 10,398.30.
9:08 am Technical Recommendations: We spoke to 5nance.com and here’s what they have to recommend:
Indiabulls Venture Ltd: BUY | Target Rs349 | Stop-loss Rs306 | Return 10%
Vakrangee Ltd: SELL | Target Rs123 | Stop-loss Rs145 | Return 7%
Deepak Fertilisers Ltd: BUY | Target Rs392 | Stop-loss Rs360 | Return 5%