The Sensex is down over 900 points and the Nifty down 3.45% at 8,350. Around 225 shares have advanced, 670 shares declined, and 67 shares are unchanged.
The Indian rupee slipped by 33 paise at 75.18 per dollar against the previous close of 74.85/$.
Meanwhile, Asian indices opened in the red as markets digested last week's strong pullback rally with the Japanese Nikkei trading lower by 4% after being an outlier last week. The only exception in early trade was the Australian index, which traded higher over 1.5% in expectation of another large stimulus package to be announced by the Central bank later today.