Opening Bell: Sensex falls in opening trade, Nifty cracks below 9,900 mark

As the markets open on Monday after the weekend, key indices were in red in early trade. Sensex dropped 287.50 points to 31,634.94 and Nifty cracked below the 9,900-mark.  

Nifty Midcap fell 0.8% percent as about 596 shares declined against advancing 423 shares on the BSE.

The Indian rupee opened lower by 5 paise at 64.84 per dollar today versus Friday's closing value of 64.79 per dollar.

A steep fall in shares of Reliance Industries, HDFC Bank, Axis Bank,IOC, Adani Ports, L&T, HDFC, Kotak Mahindra Bank and Yes Bank was reason behind the negative trade. 

The indices would keep an eye on Prime Minister Narendra Modi's address at the national executive meeting of the Bhartiya Janata Party today. 

It's been expected that the Prime Minister would make big announcements in order to revive the economy. 

Meanwhile, The rupee made a tepid rise of 3 paise to 64.76 against the US dollar in early part of the day as selling of the American currency by exporters and banks gathered pace. However, the dollar's overseas strength against some currencies and a sharply lower opening in the domestic equity market held the rupee tight, forex traders said.

On Friday, the rupee had clawed back some of its lost ground from its near 6-month low and ended a marginal 2 paise higher at 64.79 per dollar.