Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
The rally in index heavyweight ITC has boosted the sentiment across the board.
Investors booked profits at higher levels despite the growth oriented Budget.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
Several Sensex stocks hits 52-week low in intra-day trade on Monday with financials leading the decline.
Sectors such as Auto, Banks, Capital Goods, FMCG, Metal, Oil & Gas and Power are trading marginally lower.
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
The chaos on its stock markets, a fierce battle between the old and new guard in the Communist Party and the restive border provinces of Tibet and Xinjiang forebode tough times ahead for China, says Claude Arpi.
Markets recovered in late trades, amid firm European cues, led by rebound in financials and gains in IT shares.
IT majors along with metal names Sesa Goa and Hindalco buck trend.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
Sensex ended above 26,000 led by telecom shares amid TRAI's spectrum sharing norms.
The Sensex ended in red on domestic concerns.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
The Survey shows fiscal consolidation despite slowdown in growth.
Slowdown persists in China. India's GDP estimates for 2015-16 are liable to be pared; projections for 2016-17 are lacklustre.
Sensex seems to be under pressure on weak cues.
Asia has opened largely in the green ahead of a raft of Chinese data due during the day.
'India needs to adopt a more proactive policy of triggering exports to China.'
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
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