Indian equity benchmark Sensex dropped 1,024 points to close below the 58,000 mark on Monday, following an intense sell-off in banking and financial stocks despite a largely stable trade in global markets.

Benchmark indices started the session on a weak note amid investors’ concerns ahead of RBI’s policy meet. However, the selling pressure deepened in the afternoon trade reported PTI.

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The 30-scrip BSE Sensex crashed 1,023.63 points or 1.75% to close at 57,261.19. Similarly, the NSE Nifty plunged 302.70 points or 1.73% to close at 17,213.60.

Among sectoral indices, except PSU bank, metal and power all others closed the day in red with auto, FMCG, IT, bank, healthcare, realty, capital goods falling by 1-2%. BSE Midcap and smallcap indices fell 0.75-1.25%.

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HDFC Bank was the top loser in the Sensex pack, shedding over 3.5% followed by Bajaj Finance by 3.15%, L&T by 3.20%, Bajaj Finserv by 2.94%, HDFC by 2.93% and Kotak Bank by 2.92%.

Top Sensex gainers were Power Grid Corp by 1.88%, NTPC by 0.67%, SBI by 0.57%, Tata Steel by 0.57% and Ultratech Cement by 0.32%.

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From the Sensex constituents, 25 shares ended in red while five were in green.

Among Asian market peers, Tokyo and Seoul ended with losses, while Hong Kong and Shanghai were positive.

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European stock exchanges were trading with gains in mid-session deals.

International oil benchmark Brent crude fell 1.05% to USD 92.29 per barrel.

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The Reserve Bank of India (RBI) on Sunday, postponed the rate-setting Monetary Policy Committee (MPC) meeting by a day because of Maharashtra declaring a public holiday on February 7 to mourn the death of legendary singer Lata Mangeshkar. The MPC meeting was scheduled for February 7-9, 2022.

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With the rescheduling, the meeting will now start on February 8 and the outcome would be announced on February 10.

According to stock exchange data, Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,267.86 crore on Friday.