New Delhi: The key Indian equity indices opened on a negative note on Monday with the BSE Sensex losing 304 points at 38,032.18 and the Nifty down by 100 points at 11,318.95 at 9:45 AM, stated news agency ANI. Also Read - Sensex Dives 726 Points, Slips Below 51,000-Level; Nifty Down By 197 Points

The bearish trend continued after the government tweaked the tax on ‘super-rich’ which of course had an adverse impact on the foreign portfolio investors. Also Read - Sensex up 800 Points; Auto, Banking Stocks Rise

At 9.52 AM, the Sensex traded at 38,021.18 points, lower by 315.83 points or 0.82 per cent from the previous close of 38,337.01 So far, it touched an intra-day high of 38,333.52 and low of 37,926.54 points. Also Read - Sensex Posts Worst Day in 10 Months, Sinks 1,940 Points Amid Global Meltdown

The Nifty50, on the other hand, traded lower by 94 points or 0.82 per cent at 11,325.25 points. The top losers as per Nifty 50 index on Monday were Bajaj Finance, HDFC Bank, BPCL, and Indian Oil. The gainers were Tata Motors, Reliance Industries, Vedanta, YES Bank, and ONGC.

Notably, the Asian markets opened on a much lower rate than the reduced expectations as a result of the aggressive interest rate cut imposed by the Federal Reserve. Besides, the Middle East tensions heightened after an Iranian military seized a British tanker last week which led to a surge in the oil prices on Monday.