Profit booking along with low volumes depressed key indices of the Indian equity market on Monday -- the first trading day of 2018.
According to market analysts, heavy selling pressure was witnessed in banking, automobile, metals, oil and gas and IT stocks.
At 3.35 p.m., the 30-scrip S&P BSE Sensex, which had previously closed at 34,056.83 points, provisionally closed at 33,812.75 points, down 244.08 or 0.72 per cent.
Similarly, the National Stock Exchange's (NSE) Nifty50 closed in the red at 10,435.55 points, down by 95.15 points or 0.90 per cent.
"Profit-booking emerged during the day's trade in those stocks that had made recent gains," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
"There was also an absence of cues from other Asian and European markets."
On Friday, the previous trade session, the key equity indices closed in the positive territory as global cues, along with a strong rupee, gave a boost to investor sentiments.
The Sensex closed trade at 34,056.83 points -- up 208.80 points or 0.62 per cent, while the wider Nifty50 rose by 52.80 points or 0.50 per cent to close at 10,530.70 points.