Mumbai, Aug. 31 -- Domestic benchmark equity indices closed lower on Monday as fading hopes of a diplomatic breakthrough between the US and Iran kept investors cautious, while market participants also remained watchful ahead of the release of India's GDP growth numbers.

The Nifty 50 closed at 24,080.40, down 95.25 points or 0.39 per cent, while the BSE Sensex ended at 76,957.27, declining 307.24 points or 0.40 per cent.

Escalating geopolitical tensions pushed crude oil prices higher, raising concerns over inflation and interest rates and weighing on investor sentiment.

"Escalating tensions between the US and Iran have kept investors on edge, as fading prospects of a diplomatic breakthrough pushed crude oil prices and global bond yields...