Indian benchmark indices opened the day lower, tracking weak global cues, with the Sensex dropping 155 points in early trade.
The Nifty dropped almost 50 points in trade. Leading the set of losers were banking stocks with ICICI Bank, State Bank of India, Bank of India and Canara Bank among the big losers from the space.
Container Corporation was down 2.5 per cent ahead of the Government's stake sale in the company. Maruti Suzuki, which has seen a significant erosion in its share price lately was up 1 per cent, after the company launched the much awaited Vitara Brezza.
Lupin, Hindustan Unilever and Coal India were the top gainers from the Nifty space. IT stocks also saw some early selling pressure with TCS and Infosys among the losers.
Syndicate Bank continued to fall, following a raid by the CBI on the bank. The stock was down 4 per cent in trade.
Meanwhile, most of Asia was trading lower, with the Shanghai Composite losing as much as 2.5 per cent in trade.