Equity benchmark indices traded in the negative territory during early hours on Monday as the country extended nationwide lockdown till month-end to curb the spread of coronavirus (COVID-19) pandemic.
Besides, the government announced a final set of measures under its stimulus package to revive the economy and make India a self-reliant nation.
At 10:15 am, the BSE S&P Sensex was down by 692 points or 2.22 per cent at 30,406 while the Nifty 50 edged lower by 205 points or 2.24 per cent at 8,932.
All sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 5.1 per cent, PSU bank by 4.5 per cent and financial service by 4.3 per cent.
Among stocks, IndusInd Bank was down by 6.5 per cent to Rs 391.40 per share while ICICI Bank slipped by 6.4 per cent, Axis Bank by 5.7 per cent and State Bank of India by 4.1 per cent.
Auto majors Maruti Suzuki and Tata Motors skidded by 3.7 per cent and 3.6 per cent. However, those which gained with thin margins were Cipla, Bharti Infratel, Infosys, Britannia and HCL Technologies.
Meanwhile, Asian shares were up and oil prices hit a five-week peak as countries' efforts to re-open their economies raised hopes that the world could soon emerge from recession.
MSCI's broadest index of Asia Pacific shares outside Japan edged up by 0.4 per cent. Japan's Nikkei rose by 0.6 per cent and Chinese blue chips CSI300 by 0.3 per cent.
( With inputs from ANI )