The Indian equity markets were trading lower in early trade on Monday due to selling pressure in IT and financial stocks. The BSE Sensex was down 349 points or 0.90% at 38,289.32 and the NSE Nifty was trading at 11,261.45, down 101 points or 0.89%.
The selling in IT stocks was led by Infosys (down 2.09%) and Tata Consultancy Services (down 1.26%). Among financial stocks, Axis Bank (down 1.96%), ICICI Bank (down 1.05%) and HDFC Bank (down 0.82%) were the worst performers. Meanwhile, Reliance Industries was the top gainer on the Sensex, rising 1.50%.