The equity markets suffered significant losses on Monday as the 30-share BSE Sensex slipped 954 points to close at 57,145. The broader 50-share NSE Nifty also slumped by 311 points to finish trading at 17,016.

Sensex lost 1.6% from the previous closing mark, while Nifty index plunged by 1.8% as the rupee finished trading at an all-time low of 81.67 against the dollar on Monday. This was the eighth trading session when the currency declined.

The sell off also came on the back of concerns that the Reserve Bank of India could further hike key interest rates in its bi-monthly monetary policy meeting scheduled later this week, experts told Reuters.

Nearly all sectoral sub-indices suffered losses on Monday with Nifty Metal and Nifty Realty index falling 4% each, while the Nifty Auto index slipped by 3.8%.

However, the Nifty IT index made gains on Monday, with stocks like HCL Tech and Infosys gaining more than 1%.