Profit booking continued for the markets as benchmark indices witnessed a drop for the fifth straight session and the biggest single day fall in two months. Sensex ended down 2.2% at 49,744 while Nifty took a 2% cut ending the day down 300 points at 14,675.
Sectoral indices across the board were in the red except for the metals index. Banking stocks continued their recent downturn, Bank Nifty was down 1.6% in Monday's session and is off 2500 points from it's record high. With a global base metal rally the Metals Index remained the only bright spot ending the day 1.6% higher.
The India Volatility Index (VIX) jumped 14.5% the biggest rise since July last year.