Equity benchmark indices opened with a deep cut in the morning trade as selling pressure was witnessed in auto, metal, banking and media stocks.
The stock markets and forex market will be closed on Tuesday for 'Muharram'.
Further, investors will watch out for data on factory output (IIP) for July and retail inflation (CPI inflation) for August, scheduled to be out on Thursday.
The Sensex was down over 188 points at 36,793, while the Nifty was trading below 10,900, down 47 points.
Auto stocks fell on a report that a bleak revenue position has prompted the Goods and Services Tax fitment committee to hold back from approving any cut on the GST on cars from 28 to 18%, as was demanded by the auto industry. Reacting to this, shares of Eicher, Tata Motors and Maruti Suzuki emerged among the biggest losers, shedding up to 2%.
Sun Pharma, Bharti Airtel was trading up to 1% higher.
Shares of L&T are trading slightly higher after global firm CLSA retained a buy call on the stock with a target price of Rs1,730.
The Indian rupee opened flat at 71.70 on Monday against Friday's close of 71.72 per dollar.
Asian Paints Indiabulls Housing, UPL, Sun Pharma and Cipla, are among major gainers, while losers include Maruti Suzuki, Tata Motors, Eicher Motors, M&M, Hero MotoCorp, HDFC Bank.
Shilpa Medicare stock rose 4% after it has received two observations from the US health regulator for its Telangana facility.
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