New Delhi  - Indian stock markets slipped into the red in morning trade on Monday with the benchmark Sensex index trading about 3.5 per cent lower than its previous close.

The 30-share sensitive Sensex index of the Bombay Stock Exchange was trading at 9,698 points at 12:20 pm (0650 GMT) 350.49 points lower than its 10,048.49 point close on Friday.

The Sensex had gained 1,081.81 points or 12.06 per cent during a five-day long bull run last week.

The broader 50-share S&P CNX Nifty of the National Stock Exchange was quoted at 3011.20 points, shedding 3.13 per cent at the same time.

Meanwhile, the Indian rupee depreciated against the dollar in morning trade amid weak equity markets.

At the Interbank Foreign Exchange market, the domestic currency resumed weak at 50.90/92 a dollar against its previous close of 50.58/59 and was quoted at 50.96/97 a dollar in late morning trade. (dpa)