The BSE Sensex was seen trading at 16,973 points, down 148 points at 9.20 am IST. The NSE Nifty was seen trading at 5146.55 points, down 48.20 points over its previous close.
Metals shares like Sterlite Industries, Hindalco and Sesa Goa saw sharp declines. Banking stocks like Axis Bank, ICICI Bank and PNB continued to decline. Markets fears that the RBI may not cut repo rates during the year to the extent anticipated as inflation levels continue to remain above the RBI's comfort zone.
Among the few shares that gained in early trade today included pharma majors like Sun Pharma, Ranbaxy and Dr Reddy's.
The trend is expected to remain weak going forward on lack of policy decisions and elevated levels of crude.