The key indices began trading on a sour note on Monday, with the Sensex losing 330 points due to significant selling in IT stocks and negative trends in Asian markets.

In early trade, the Sensex fell 330.14 points to 54,151.70. The Nifty dropped 102.75 points to 16,117.85.

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Bharti Airtel, TCS, HCL Technologies, Tech Mahindra, Wipro, Infosys, and UltraTech Cement were the top laggards in the Sensex pack. TCS fell 4.54% after its results, disappointed investors.

TCS, the country’s largest software exporter, reported a 5.2% increase in June’s quarter net profit to Rs 9,478 crore on Friday, hampered by the impact of annual salary raises and promotions that pushed operational profit margins to multi-quarter lows.

Meanwhile, gainers included NTPC, M&M, ITC, and ICICI Bank. 

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In Asia, Shanghai, Hong Kong, and Seoul were trading much lower, while Tokyo was trading higher. On Friday, the US markets closed on a mixed note.

The BSE index rose 303.38 points, or 0.56%, to 54,481.84 on Friday. The Nifty rose 87.70 points, or 0.54%, to 16,220.60.

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Foreign institutional investors (FIIs) sold shares worth a net Rs 109.31 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 34.61 crore in the Indian equity market on July 8, as per provisional data available on the NSE.  

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Separately, the international oil benchmark Brent crude fell 0.37% to USD 106.63 per barrel. The rupee fell 7 paise to 79.33 per dollar in early trade on Monday, as a weak trend in domestic stocks and risk-averse sentiment weighed on the domestic currency.