The Indian stock markets were weighed down heavily on Monday as indices erased gains made during last week's rally. The BSE Sensex ended trading a little above 83,600, plunging more than 450 points, while the NSE Nifty50 settled for the day at 25,517, crashing over 120 points.
The benchmarks began trading on a highly volatile note, slipping in the pre-open session itself. As markets progressed, both Sensex and Nifty, continued to bleed as profit-taking, majorly in bank stocks dragged the indices. Further, gold prices also fell slightly today.
Notably, both Sensex and Nifty climbed 2 per cent during last week's rally. This surge was driven by easing geopolitical tensions, fall in crude oil prices, and foreign investors' confidence in Indian equities.
Markets will keenly be on the lookout for major macroeconomic releases lined up this week. The manufacturing and services PMI data for June is set to be revealed this week, giving an insight into how the domestic economy has fared.
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