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The Sensex and the Nifty ended the session down by nearly 0.4 per cent, logging a sixth consecutive losing session after a private survey showed the manufacturing sector cooled to its slowest in nearly two years in October.
India’s manufacturing sector growth slipped further and touched a 22-month low in October largely due to a slower increase in new orders, but firms hired additional workers.
Falls in Asian markets also dented sentiment after soft Chinese factory surveys and US consumer spending data raised concerns over the global economic outlook.
The 30-share BSE index Sensex ended lower by 97.68 points or 0.37 per cent at 26,559.15. Similarly, the 50-share NSE index ended down by 15 points or 0.19 per cent at 8,050.80 after hitting an intraday low of 7,995.60.
Among BSE sectoral indices, metal index fell the most by 1.27 per cent, followed by capital goods 1.05 per cent, healthcare 0.72 per cent and infrastructure 0.71 per cent. On the other hand, realty index was up 0.91 per cent, followed by consumer durables 0.53 per cent, FMCG 0.33 per cent and oil & gas 0.3 per cent.
Top five Sensex gainers were M&M (+2.25%), Coal IIndia (+1.59%), Reliance (+1.19%), Maruti (+1.05%) and ICICI Bank (+0.83%), while the major losers were Bajaj Auto (-4.85%), Hindalco (-3.69%), Tata Steel (-3.28%), Vedanta (-3.1%) and HDFC (-2.8%).
Market debutant Coffee Day Enterprises, the operator of India's biggest coffee chain, slumped 17.6 per cent below its IPO price of Rs 328 as investors fretted over a generous price tag they said underestimated concerns around its complex structure.
India's volatility index surged over 10 per cent on Monday, its biggest single-day rise since September 22.
"Overall the mood is cautious because since the last five days we are seeing losses," Alex Mathews, head of research at Geojit BNP Paribas, said.
Brokers said persistent selling by participants following weaker-than-expected earnings by some companies and a weak trend at other Asian markets after weak Chinese manufacturing data for October fuelled fears about the state of the world’s number two economy mainly dampened the sentiment.
Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 1,464.89 crore last Friday, as per provisional data released by stock exchanges.
European shares opened lower on Monday, tracking losses in Asia, as weak Chinese factory surveys fuelled global growth concerns, with Electrolux and Ryanair among the main losers.
The pan-European FTSEurofirst 300 index was down 0.6 per cent, while the euro zone’s blue-chip Euro STOXX 50 index also fell 0.7 per cent.
Overseas, Asian stocks declined after soft Chinese factory numbers stoked global growth worries.
US stocks trended lower last Friday after a string of economic data suggested that the economy is still sluggish.
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