The headline index S&P BSE Sensex slipped 400 points to 34,750-mark and the broader Nifty50 index slipped below the 10,300 mark.
Among individual stocks, Axis Bank, IndusInd Bank, and Bajaj Finance all slid over 4 per cent each. Notably, S&P had downgraded the ratings of both Axis Bank and Bajaj Finance during the weekend. On the other hand, shares of ITC rose as much as 4 per cent after the announcement of its March quarter results.
The trend among Nifty sectoral indices was largely negative, led by Nifty Bank index, down 1.9 per cent. On the other hand, Nifty Pharma index was up 1 per cent.
A total of 586 companies including MRF, Bharat Forge, and GMR Infra, are scheduled to announce their March quarter earnings today.