A benchmark index of Indian equities markets on Monday closed the day's trade down 244 points at 16,705.83 points, as hopes of a rate-cut by the Reserve Bank of India in its mid-quarter review of monetary policy 2012-13 faded.
The interest rate sensitive stocks of autos, banks and realty were worst hit.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,039.54 points, closed down 244 points, or 1.44%, and stood at 16,705.83 points from its previous close of 16,949.83 points.
The Sensex touched a high of 17,109.95 points and a low of 16,636.09 points in the intra-day trade.
The BSE midcap index was down 63.14 points while the smallcap index fell 44.35 points.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was 1.46% or 74.80 lower at 5,064.25 points.