Falling exports, coupled with a continuous weakness in global crude oil prices and caution over third quarter results, depressed Indian equity markets on Monday.
This resulted in a barometer index to provisionally close the day's trade lower by 282 points.
Both the bellwether indices of the Indian equity markets even touched their new 52-week low during the intra-day trade.
Disappointing December exports' data, which touched a 13-month low, absence of fresh triggers and bearish global cues dented sentiments. Besides, long-liquidation positions and disappointing domestic macro-data which was released earlier in the week eroded investors' hopes for an interest rate cut during the upcoming monetary policy review of the central bank.
Caution prevailed over the upcoming global macro-economic data from China, the UK and the US.
On Tuesday, the US is expected to release its consumer price index (CPI), while China comes out with its index of industrial production (IIP) and GDP (gross domestic product) data points.
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Initially, both the Indian bellwether indices opened on a negative note, following lower closing of the US markets on Friday, when they crashed by 2.39 percent and last week's steep falls.
However, both indices soon pared their initial losses on the back of positive European markets, expectations of healthy Q3 results and short-covering.
In addition, prices were supported by Prime Minister Narendra Modi's Start-Up India Action Plan which was released on Saturday.
The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed lower by 282 points or 1.15 percent.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) ended the day's trade deep in the red. It was down by 88.85 points or 1.19 percent at 7,348.95 points.
The NSE Nifty again breached the psychological level of 7,500 points during the day's trade. It touched a new 52 week low at 7,336.40 points.
The S&P BSE Sensex, which opened at 24,400.78 points, provisionally closed at 24,172.73 points (3.30 p.m.) -- down 282.31 points or 1.15 percent from the previous day's close at 24,455.04 points.
During the intra-day trade the Sensex touched a high of 24,524.85 points and a low of 24,141.99 points -- its new low in 52 weeks.
The S&P BSE market breadth favoured the bears -- with 2,393 declines and only 332 advances.