Equity benchmarks were severely thrashed on Monday, with the Sensex crashing 1,491 points amid weak global markets and rising oil prices triggered by the Russia-Ukraine conflict.

Extending the losses for the fourth straight session, the 30-scrip BSE Sensex started on a weak note and slumped 1,966.71 points or 3.61% to 52,367.10 during the day. It finally settled at 52,842.75, a decline of 1,491.06 points or 2.74%. Likewise, the broader NSE Nifty tanked 382.20 points or 2.35% to close at 15,863.15.

Also Read | Indian Rupee falls to record low against US dollar on surging oil prices

Among sectoral indices, the metal index gained over 2%, while bank, auto, capital goods, FMCG, PSU Bank and realty finished 2-5% down. BSE midcap and smallcap indices shed over 2% each.

IndusInd Bank was the top loser on the Sensex pack, down by 7.63%, followed by Axis Bank down by 6.70%, Maruti down by 6.56%, Bajaj Finance down by 6.37%, Bajaj Finserv down by 6.27%, Mahindra down by 5.85% and UltraTech Cement down by 5.80%.

Also Read | Ukraine conflict: Crude oil hits record high since 2008, Palladium on the rise

Among the gainers was Bharti Airtel up by 3.46%, HCL Tech up by 1.38%, Tata Steel up by 1.12% and Infosys up by 0.93%.

Asian market bourses such as Hong Kong, Shanghai and Tokyo finished significantly lower.

Also Read | PNB Housing Finance shares surge over 7% on announcing fundraising plans

European stock exchanges were also trading in the red in the afternoon session.

Meanwhile, global oil benchmark Brent crude surged 6.08% to USD 125.3 a barrel.

Also Read | Fuel prices: Petrol priced at Rs 95.41, diesel Rs 86.67 in Delhi on March 7, 2022

According to exchange data, foreign institutional investors continued their selling spree in Indian markets as they sold shares worth Rs 7,631.02 crore on a net basis on Friday.

The rupee slipped 84 paise to close at its lifetime low of 77.01 (provisional) against the US dollar on Monday.