The domestic stock market witnessed a gap-down opening on Monday, tracking global markets after Federal Reserve official Jim Bullard suggested that the first interest rate hike by the US central bank could come as early as the end of 2022.
The key Indian equity indices have somewhat recovered from the initial losses, however, they are still in the red.
The BSE Sensex fell as much 604.26 points during the initial trade to touch an intra-day low of 51,740.19.
At around 10.05 a.m., it was trading at 52,042.18, lower by 302.27 points or 0.58 per cent from its previous close of 52,344.45.
It opened at 51,887.55 and has so far touched an intra-day high of 52,050.44 points.
The Nifty50 on the National Stock Exchange was trading at 15,588.15, lower by 95.20 points or 0.61 per cent from its previous close.
The top gainers on the Sensex so far were NTPC, Hindustan Unilever and ITC, while the major losers were Mahindra & Mahindra, L&T and ICICI Bank.