The benchmark indices, the BSE Sensex and NSE Nifty, which opened in positive territory, gave up their opening gains to slide into the red in early session.

The Sensex dropped 245 points or 0.64 per cent to 38,111. The Nifty slipped 11,317, down 16 points or 0.15 per cent.

The top gainers on the 30-share benchmark were Axis Bank, Maruti, Tata Steel and TCS. The laggards were led by M&M, L&T, NTPC, HCL Tech and ONGC.

PTI adds: In the previous session, Sensex ended 633.76 points or 1.63 per cent lower at 38,357.18, while Nifty plunged 193.60 points or 1.68 per cent to close at 11,333.85.

Exchange data showed that foreign institutional investors sold equities worth Rs 1,888.78 crore on a net basis on Friday.

Domestic equities turned cautious in early trade tracking mixed cues from global equities, traders said.

Ajit Mishra, VP Research, Religare Broking, said participants will continue to take cues from the global markets this week in the absence of any major event.

Markets are facing headwinds from both domestic and global front and indications are pointing towards further slide ahead,’ he added.

Bourses in Hong Kong and Seoul were trading with gains in mid-session deals, while Shanghai and Tokyo were in the red.

Global oil benchmark Brent crude was trading 0.94 per cent lower at $42.26 per barrel.