The Bombay Stock Exchange Sensex dropped 232 points during Monday’s trade to close at 26,515, while Nifty lost 91 points and settled at 8,170 as Indian markets opened weaker on cues from oil prices and economic data released last week. Investors are expected to remain cautious during the week as they wait for the release of key domestic data, including trade deficit figures and inflation rates, Business Standard reported.

Asian Paints, Axis Bank, Bajaj Auto and Tata Motors were the top losers on Sensex. Nifty alsobuckled under pressure from losses in IT, realty, oil and gas, power, capital goods, consumer durables, and banking stocks, Business Standard reported.

The automobile and information technology sectors came under selling pressure as well, with their indices on the Nifty falling by over 1% each. However, energy stocks rose by over 4% on the back of the deal between members and non-members of the Organisation of the Petroleum Exporting Countries to reduce oil production outputs.

Meanwhile, markets also reacted negatively to the Index for Industrial Production falling by 1.9% for the month of October. The sharp fall was led by the manufacturing and mining sectors, which declined by 2.4% and 1.1% respectively. The overall fall comes as India grapples with a cash crunch caused by the demonetisation of Rs 500 and Rs 1,000 currency notes on November 8.

Separately, investors are also waiting for the results of the United States Federal Reserve’s two-day policy meeting, which will begin on Tuesday. US president-elect Donald Trump’s had pledged to stop companies from abusing work visa processes in the country negatively impacted domestic markets. Asian markets also fell, with the Shanghai Composite Index shedding 2.1% and the Hong Kong Hang Seng falling by 1.1%, according to AP. However, Japan’s Nikkei 225 rose by 1%.