The markets on Monday morning opened lower with Sensex at 67,665.58, down by 173.05 points and Nifty was at 20,127.30, down by 65.05 points.
From the Sensex pack, Tata Steel, M&M, Tata Motors, Power Grid, Sun Pharma were the top gainers in the morning session, whereas LT, IndusInd Bank, JSW Steel, ICICI Bank were among the losers.
The IPOs (initial public offerings) that will open for subscription today include Madhusudan Masala, Technowgreen Solutions, and Master Components.
On Tuesday, the equity markets will be shut in observance of Ganesh Chaturthi.
Markets on last Friday
The 30-share BSE Sensex, gained 319.63 points or 0.47 percent, closed at 67,838.63. Meanwhile, the NSE Nifty, went up by 89.25 points or 0.44 percent, to end the day at 20,192.35.
Nifty Bank gained 156 points or 0.34 percent at 46,156.85.
On Friday, U.S. stocks closed the trading session with significant declines, while Treasury yields moved upward due to a sharp drop in chip-related stocks and the release of mixed economic data.
The Dow Jones Industrial Average declined by 288.87 points, equivalent to a 0.83 percent drop, closing at 34,618.24. Simultaneously, the S&P 500 fell by 54.79 points, a 1.22 percent decrease, settling at 4,450.31. Additionally, the Nasdaq Composite saw a drop of 217.72 points, or 1.56 percent, closing the day at 13,708.34.
Asian markets were cautiously trading on Monday. Japan's Nikkei 225 registered a gain of 364.99 points at 33,533.09, Hong Kong's Hang Seng fell by 168.78 points at 18,014.11 and GIFT Nifty exchange was trading at 20,190, up by by 23.50 percent.
Government hikes windfall gains tax
In a bid to maintain equilibrium in the domestic and international fuel markets, the Central Government announced a hike in windfall gains tax on domestically-produced crude oil to Rs 10,000, effective from Saturday. The government also cut diesel exports to Rs 5.50 per litre.
Oil prices saw a slight increase on Monday. Brent crude futures gained an uptick of 5 cents, equivalent to a 0.1 percent increase, reaching a price of $93.98 per barrel. Simultaneously, U.S. West Texas Intermediate crude oil stood at $90.92 per barrel, marking a 15 cent or 0.2 percent rise.
The Indian rupee on Monday opened 9 paise higher at 83.09 per dollar againts Friday's close of 83.18. per dollar.