Key equity indices opened lower on Monday and fell steeply. The benchmark declined over 330 points while the Nifty was trading 103 points lower. All sectors witnessed heavy selling pressure, except for the BSE oil and gas index.

The Sensex of the BSE opened at 38,016.76 from its previous close at 38,164.61 on Friday.

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At 9.18 a.m., it traded at 37,833.19 down 331.42 points or 0.87 per cent.

The Nifty of the National Stock Exchange (NSE) opened at 11,395.65 after closing at 11,456.90 on Friday. It traded at 11,353.35, down 103.55 points and 0.90 per cent.

Foreign Institutional Investors bought stocks worth Rs 1,374.57 crore on Friday while Domestic Institutional Investors sold scrips worth Rs 675.37 crore.