Benchmark indices fell on Monday, dragged by tech and bank stocks, while worries of global economic growth kept investors on tenterhooks.

The NSE Nifty 50 index was down 0.76 per cent at 17,622.75, while the S&P BSE Sensex dropped 0.67 per cent to 59,245.18 in early trade

Asian shares slipped and the dollar extended its climb amid angst over global growth as most major banks keep raising rates, while a modest easing by China served only to highlight troubles in its property market.

Nifty IT index fell 1.1 per cent while the Nifty Bank index was down 1.4 per cent.

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The rupee was trading at 79.81 per US dollar in early trade, compared with 79.77 in the previous session

Kotak Mahindra Bank was the top percentage loser on the NSE index with a 2.7 per cent fall.

Shares of Paytm's parent One97 Communications rose 3.1 per cent after the company's shareholders voted to reappoint Vijay Shekhar Sharma as managing director and chief executive officer, despite calls for his ouster by an investor advisory firm.

Shares of Adani Power Ltd gained 3.4 per cent after the company said on Friday it will buy thermal power plant operator DB Power.