Indian markets ended  lower on Monday erasing earlier gains following huge sell-off in the European markets. Also, the investors remained cautious ahead of the Q3 GDP data which will offer latest cues over the health of Asia's third biggest economy.

At the close, the benchmark 30-share index, BSE Sensex declined 329.55 or 1.34% at 24,287.42 with 25 components posting drop. Meanwhile, the broad based NSE Nifty fell by 101.85 or 1.36% at 7,387.25 with 41 components registering drop.

Major losers in the 30-share index were Tata Motors (3.94%), Oil & Natural Gas Corporation (3.39%), ITC (2.90%), Tata Consultancy Services (2.75%), Tata Power Company (2.73%), and Infosys (2.55%).

On the other hand, Axis Bank (2.38%), State Bank Of India (2.29%), Bharti Airtel (2.25%), GAIL (India) (0.44%), Maruti Suzuki India (0.29%), and Tata Steel (0.19%) were the major gainers in the Sensex.

Market breadth was negative with 1,220 advances against 1,435 declines.

Sector wise, PSU Banks and Realty sectors were the only ones to remain in green while the rest closed in red. IT, FMCG and Pharma were the most hit sectors in the day.

Spicejet topped the value chart on the BSE with a turnover of Rs. 1,017.12 million. It was followed by Precision Camshafts (Rs. 545.69 million), State Bank Of India (Rs. 500.50 million) and Axis Bank (Rs. 340.55 million).

The volume chart was led by Spicejet with trades of over 13.12 million shares. It was followed by Cals Refineries (7.51 million), Unitech (7.19 million) and Precision Camshafts (3.08 million).