Domestic stock indexes opened lower on Monday after weak global cues. Select banks and IT stocks led to the weakness.

At 9:16 am, the BSE Sensex was down 89.19 points, or 0.15%, at 58,751.60. The Nifty50 was at 17,490.60, down 40.25 points or 0.23%.

V K Vijayakumar, the chief investment strategist at Geojit Financial Services (NSE 1.59%), said that the near-term structure of the market has weakened. In the current global risk-off environment, a buy-on-dip strategy is unlikely to work. He told the FII’s shift to the sell side was a short-term negative.

Bank Nifty will continue to be the backbone of Nifty. Despite reasonable valuations, views on IT have been negative. Lately, he said, adding that the situation has been very fluid. Hence, investors are better off waiting until the Fed meeting is over.