New Delhi: The benchmark indices ended 0.7 percent lower on Monday led by a steep fall in the key banking stocks. The Nifty PSU Bank index ended 2.5 percent down with Punjab National Bank, Union Bank of India and Syndicate Bank being the top losers.
The S&P BSE Sensex ended at 33,775, down 236 points while the broader Nifty50 index settled at 10,378, down 74 points.
Asian shares gained on Monday, joining a global recovery for equity markets as sentiment improved gradually from a recent shakeout that was sparked by fears of creeping inflation and higher borrowing costs.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, having recovered more than 40 percent of its losses from late January to last week's low.
Trading was slower than usual due to market holidays in the United States as well as Greater China.
Japan's Nikkei gained 2.0 percent while US stock futures climbed gained 0.4 percent in Asia on Monday.