Equity benchmarks fell in early trading on Monday, dragged down by metal stocks and in line with Asian peers amid growing fears that aggressive rate hikes by central banks globally would lead to a slowdown and weigh on corporate earnings.

The NSE Nifty 50 index was 0.15 per cent lower at 17,159.30, while the S&P BSE Sensex fell 0.19 per cent to 57,808.78 in early trade. Both the indexes settled one per cent higher in the previous session, notching weekly losses.

Nifty's metal and realty sub-indexes were among the top losers, falling more than one per cent each.

Related Stories
Stocks that will see action today (October 17)
ACC, Heidelbergcement India, Indowind Energy, BoB, Bank of Maharashtra, Can Fin Homes, TVS Motor, IRB infra, Dilip Buildcon, Jupiter Wagons, Steelman Telecom, Spandana Sphoorty Financial, Star Housing Finance, Tata Coffee, Tata Metaliks
READ NOW

JSW Steel Ltd and Tata Steel Ltd were the worst performers on the Nifty 50, declining 1.7 per cent and 1.2 per cent, respectively.

Among other stocks, Shree Cement Ltd fell 5 per cent after it posted a 67.2 per cent slump in second-quarter profit as fuel costs surged.

Cement maker ACC Ltd was 1.5 per cent lower ahead of its quarterly results later in the day.

Meanwhile, the monetary policy committee of the RBI may lean more on data in deciding the key interest rate going ahead even as policymakers appeared divided on the future path of rate hikes, minutes of its September meeting suggested on Friday.

In broader Asia, equities slipped on Monday following another drubbing for Wall Street as investors brace for a further drastic tightening in global financial conditions.

Related Topics