Chances of a sudden collapse in the Shanghai Composite are remote.
Given the developments, analysts do not foresee a quick recovery.
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
BSE Bankex and Telecom indices led the fall.
Infosys, Tata Motors, ONGC, TCS and GAIL are the top 5 losers.
The parlous state of Asia's third largest economy was reflected in the rupee's 18 per cent plunge against the dollar to all time lows since May, when signals emerged that the US Federal Reserve was considering winding down an easy money strategy that had benefitted emerging markets like India.
Three major central banks have hit the zero limit, the Fed, the European Central Bank and the Bank of Japan.
Growth concerns on China, which has already seen the yuan getting devalued twice in August, have rattled global financial markets, including that of India.
Several Sensex stocks hits 52-week low in intra-day trade on Monday with financials leading the decline.
Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy.
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