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Equity benchmarks continued to remain weak on Monday with the Sensex and Nifty falling over 1 per cent each, dragged down by bank stocks and negative global market trends.

The 30-share BSE Sensex, which had started the trade on a weak note, tumbled 872.28 points or 1.46 per cent to settle at 58,773.87. During the day, it slumped 941.04 points or 1.57 per cent to 58,705.11.

The broader NSE Nifty declined 267.75 points or 1.51 per cent to finish at 17,490.70.

From the Sensex pack, Tata Steel, Asian Paints, Larsen & Toubro, Wipro, UltraTech Cement, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Kotak Mahindra Bank and Axis Bank were the major laggards.

On the other hand, ITC and Nestle India ended higher.

In Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green.

Stock markets in Europe were trading lower during mid-session deals. The Wall Street had ended lower on Friday.

Meanwhile, the international oil benchmark Brent crude was trading 0.95 per cent lower at USD 95.80 per barrel.

Foreign institutional investors (FIIs) turned net buyers as they picked up shares worth Rs 1,110.90 crore on Friday, according to exchange data.

Rupee ends flat at 79.84 against US dollar

The rupee recovered early losses to close flat at 79.84 (provisional) against the US dollar on Monday amid a strong greenback overseas and massive sell-off in equities.

However, lower crude oil prices supported the local unit, forex dealers said.

At the interbank foreign exchange market, the local currency opened weak at 79.90 and moved in a range of 79.78 to 79.92 during the session. It finally settled flat at 79.84 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.20 per cent to 108.38.

Meanwhile, Brent crude futures, the global oil benchmark, declined 0.81 per cent to USD 95.94 per barrel.

On the domestic equity market front, the BSE Sensex ended 872.28 points or 1.46 per cent lower at 58,773.87, while the broader NSE Nifty fell 267.75 points or 1.51 per cent to 17,490.70.

Foreign institutional investors (FIIs) remained net buyers in the capital markets as they purchased shares worth Rs 1,110.90 crore on Friday, according to provisional data.

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