The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
Sun Pharma was the top gainer after SPARC received Sebi nod to raise up to Rs.250 crore through a rights issue
Benchmark share indices trimmed intra-day gains after global crude oil prices resumed their downward trajectory after sharp gains on Friday.
Gains were led by index heavyweights Reliance Industries and Infosys.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
BSE Bankex and Telecom indices led the fall.
Financial shares were the top losers.
Metal shares were the top gainers with Hindalco up over 5%.
The S&P BSE Sensex surged 217 points to end at 25,736.
Technical rallies and short covering may arise only if the markets break this 500 point band
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
Benchmark share indices opened lower on Monday, amid weak global cues, as investors turned cautious ahead of the US Federal Reserve stance on interest rate.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
Sensex rises, snapping two-session losing streak; banks, auto gain.
Overnight, the Wall Street closed on a flatter note.
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