There are two fundamentals from overseas that weighed on markets on Monday.
The 30-share benchmark BSE Sensex shed over 300 points in Monday's trading session, down 335.56 points or 1.17% from Friday's close, at 28,332.66.
The wider National Stock Exchange Nifty was down to 8726.70, 104.85 points or 1.19% below the red line.
The fall was led by losses in the banking and auto stocks. shares of ICICI Bank (-3.13%), Tata Motors (-3.35%), HDFC Bank (1.26%), ITC (2.15%), Infosys (0.72%), NTPC (2.87%), Axis Bank (1.68%), and SBI (1.02%) witnessed selling pressure on Monday.
US Presidential Debate
The crucial first US Presidential debate between Democratic nominee Hillary Clinton and Republican nominee Donald Trump was mainly weighing on the global markets, including domestic bourses today.
Domestic markets were dragged down by a retreat in European and Asian shares as investors waited to see how Donald Trump would fare in a U.S. presidential debate against Hillary Clinton. Half of America's likely voters will rely on the presidential debates to help them make their choice between Republican Trump and Democrat Clinton in the Nov. 8 election, according to a Reuters/Ipsos poll released on Monday, a Reuters report said.
"A good performance from Mr. Trump could see market volatility increase, particularly if investors think there is a possibility that he could actually win," wrote Michael Hewson, chief market analyst at CMC Markets in London, the report said.
OPEC meeting
A rebound in overseas oil prices also weighed on the markets on Monday. Algeria's energy minister said on Sunday that all options were possible for an output cut or freeze at this week's informal meeting of OPEC producers. Brent crude was up 24 cents to $46.13 by 0928 GMT.
"The Wall Street fall on Friday seems to be at least as much to do with oil prices as it is with (the possible election of) Donald Trump," Shaw said.
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