On the sectoral front, banking, IT and auto stocks opened lower nearly 1%.
At 9:18 AM, the Sensex was trading 217 points lower at 38,086 while the Nifty fell 57 points to 11,547. The market breadth is nearly even with 968 stocks opened with gains while 861 are declining on the NSE.
Dr Reddy's ONGC, Grasim, Britannia and Zee were among top gainers while Hindalco, Tech Mahindra, IndusInd Bank, ICICI Bank and Bajaj Auto led the losses.
IT services firm Happiest Minds Technologies will make stock market debut today.
Meanwhile, oil prices jumped following a drawdown in US crude and gasoline inventories and as Hurricane Sally forced a swath of US offshore production to shut.