Indian IT stocks led the losses on domestic shares at the open on Monday, with the benchmark Sensex inching closer to the correction territory on concerns over persistent foreign outflows and moderating corporate earnings.

The two key equity benchmark indices, Sensex and Nifty, on Monday are trading lower, tracking mixed global cues. At 9.40 am, the BSE Sensex dropped 472 points to 77,108. On the other hand, the NSE Nifty50 was trading at 23,

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,500 level, a discount of nearly 100 points from the Nifty futures’ previous close.

Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the red. Nifty closed at 23,532.70, while Sensex ended at 77,580.31. Nifty 50 has corrected more than 10% from the record high it hit in September 2024.