Markets closed weak on Monday with the BSE Sensex shedding 352 points or 2.2 per cent. It closed at 16,063 levels.

Broader market benchmark Nifty also slipped by 130 points or 2.9 per cent, to close at 4740 levels.

Heavy selling was evident in realty, banking and metal stocks.

”Markets are in a continuous downslide due to a combination of factors like weakening rupee, high inflation and weak IIP numbers,” said Anil Manghnani, Director of Modern Shares & Stock Brokers. He further added that the Nifty has been constantly hitting highs and lows and it has already broken down crucial levels.

All BSE-30 stocks, barring Maruti, ITC and Mahindra & Mahindra, closed in the red. NTPC, losing 6.4 per cent, was the biggest loser among the BSE-30 scrips. Other major losers in this pack were ACC, Hindalco and Reliance Infrastructure.

Asian markets, on the other side, closed mixed. Hong Kong's Hang Seng and Japan's Nikkei closed in the green turf  by over 0.7 per cent each, whereas South Korea’s Kospi closed in the red by 0.2 per cent.

Realty, banking worst hit

BSE realty index down by 4.8 per cent or 337 points was the biggest loser among the sectoral indices. Housing Development & Infrastructure, Unitech and Sobha Developers were the biggest losers in this group. Infact, realty has witnessed a continuous downtrend for the last five trading sessions. Besides realty, banking, metals and consumer durables indices also dipped by over 2.9 per cent each.