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Indian Share Market is a volatile start to this week with the nifty slipping below 8500. The 50-share index is down 69.65 points or 0.8 percent at 8448.90. The Sensex is down 280.73 points or 1 percent at 27786.58. About 683 shares have advanced, 1072 shares declined, and 95 shares are unchanged. SBI, Coal India and Tata Steel are top gainers in the Sensex while Cipla, Vedanta, Hindalco, ONGC and Tata Motors are among losers.

Oil prices resumed their decline in Asia as a global glut of crude supplies showed no signs of abating in the face of sluggish demand; the market remained under pressure in morning trade, dragged by profit booking in private banking & financials, technology and oil stocks. Cipla topped the selling list, falling 4 percent on fears that Esomeprazole sales may slow down from Q2FY16 onwards

The Indian rupee's weakness and the weak progress of the southwest monsoon are the two key negatives that are dragging the market down. The Indian rupee is too, see selling pressure, down 21 paise to 65.21 a dollar. Infosys, Reliance Industries, ONGC, Tata Motors and Axis Bank dropped 1-3 percent while PSU banks continued to see buying interest after the government launched revamp plan 'Indradhanush' for PSU banks.