Equity benchmark Sensex dropped over 400 points on Monday as IT, banks and auto sector led the fall amid weak cues from global markets.

After hitting a low of 30,541.97, the 30-share index closed -469.60 or 1.51% lower at 30,690.02. 

Similarly, the NSE Nifty also dropped below 9,000 mark and ended 8,993.85, lower by 118.05 points or 1.30%. 

Bajaj Finance was the top laggard in the Sensex pack, shedding over 10%, followed by Mahindra and Mahindra, Titan, Hero Moto Corp, ICICI Bank, Tech Mahindra, HDFC Banka and ONGC.

On 50-share NSE, L&T Hindalco, Bharti Airtel and Adani Ports were the top gainers while Bajaj Finance, Zee Entertainment, Mahindra and Mahindra, Titan And Wipro led the losing pack. 

L&T, Bharti Airtel and Indusind Bank were the top gainers. 

Experts said weak cues from global markets amid concerns over mounting COVID-19 cases and the spike in crude prices weakened investor confidence. Investors are also worried that the lockdown in the country could be extended considering the rising coronavirus cases in India. 

Although the ongoing 21-day lockdown will end on April 14, all states have requested the Centre to extend it by two weeks. 

In the previous session on Thursday, the markets rebounded as BSE barometer ended 1,265.66 points or 4.23% higher at 31,159.62 and the NSE Nifty gained 363.15 points, or 4.15%, to 9,111.90.

Last week, the market posted weekly gains of more than 12.5% after falling consecutively for the last seven weeks, recording the biggest weekly gains in 11 years. The global rally also supported the domestic market as policymakers discussed the process of reopening the global economy with the data showing that the COVID-19 was nearing its peak. 

The death toll due to the novel coronavirus pandemic in India rose to 308 on Monday while the number of cases climbed to 9,152, according to the Union Health Ministry.

Global tally of the COVID-19 infections has crossed 18.5 lakh, with over 1.1 lakh deaths.