Mumbai, March 11 -- Stock market benchmark Sensex declined by 616.75 points on Monday, snapping its two-day gaining streak due to selling in metal and banking shares amid weak trends in the global markets.

Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 616.75 points or 0.83 per cent to settle at 73,502.64 due to profit taking. During the day, the barometer tanked 685.48 points to 73,433.91.

The broader Nifty slumped by 160.90 points or 0.72 per cent to close at 22,332.65.

Among Sensex firms, Power Grid and Tata Steel fell more than 2 per cent. HDFC Bank, State Bank of India, IndusInd Bank, Hindustan Unilever and NTPC were among the major laggards.

Nestle, Bajaj Finserv and Bajaj Finance were among the gainers.

In the broader market, the BSE smallcap gauge declined 2.01 per cent and midcap index dipped 0.24 per cent.

Among sectoral indices, telecommunication plunged by 2.40 per cent, metal by 1.39 per cent, utilities by 1.25 per cent, realty by 1.16 per cent, and energy by 1.15 per cent. Healthcare was the only gainer.

Shares of State Bank of India settled 2 per cent lower on Monday after the Supreme Court trashed the public sector lender's plea seeking an extension of time to disclose the details of electoral bonds to the Election Commission and ordered it to give the data related to poll bonds by close of business hours on March 12.

The apex court also put the SBI on notice and said it may be inclined to proceed against the lender for "wilful disobedience" of its February 15 verdict, if the bank failed to comply with its directions and timelines.

Shares of JM Financial settled 10 per cent lower on Monday after Sebi had barred JM Financial Ltd from accepting new mandates to act as a lead manager for the public issue of debt securities, for flouting regulatory norms.

Also, scrip of Alembic Pharmaceuticals finished more than 2 per cent lower on Monday after the US Food and Drug Administration issued a Form 483 with four observations for the drugmaker's Gujarat plant.

Among Asian markets, Japan's Nikkei 225 index shed 2.2 per cent and South Korea's Kospi fell 0.8 per cent. Hong Kong's Hang Seng rose 1.4 per cent and Shanghai Composite jumped 0.7 per cent.

The US markets ended in negative territory on Friday.

Global oil benchmark Brent crude rose by 0.29 per cent to $82.32 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 7,304.11 crore on Thursday, according to exchange data.

On Thursday, the 30-share BSE Sensex advanced 33.40 points or 0.05 per cent to settle at a new peak of 74,119.39, while the broader Nifty rose by 19.50 points or 0.09 per cent to close at a record 22,493.55.

Published by HT Digital Content Services with permission from Millennium Post.