Among the sectors, Nifty Bank and the Nifty PSU Bank were the biggest draggers while the Nifty Metal outperformed.
Bank Nifty lost around 2% after the Reserve Bank of India tighten noose on banks over the net open forex positions as it moved to curb volatility in the weakening rupee.
Indian rupee erased most of its opening gains. However, the currency continued to trade higher by 35 paise at 94.46 per dollar against Friday’s close of 94.81.