New Delhi: In a choppy trade, markets closed lower on Monday led by intense selling in banking stocks.

The BSE Sensex slipped 194.17 points or 0.51 per cent to settle at 37,934.73. Likewise, the broader NSE Nifty closed 62.35 points or 0.56 per cent lower at 11,131.80.

Major losers on the Sensex pack were, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank, Bajaj Finance, SBI, SunPharma, Kotak Bank, NTPC, ITC, Bajaj Finserve and Titan, dropping over 6.11 percent. On the other hand, Asian Paints, HCL Tech, Infosys, TCS, Ultratech Cement, Tata Steel, Tech Mahindra, Bajaj Auto, Maruti, Nestle, HDFC and HUL were among the prominent gainers, rising upto 3.90 percent.

On the forex market front, the Indian rupee ended unchanged 74.83 against the US dollar.

On Friday, the Sensex had settled 11.57 points, or 0.03 per cent, lower at 38,128.90; and the Nifty had ended 21.30 points, or 0.19 per cent, down at 11,194.15. On weekly basis, the Sensex gained 1,108.76 points or 2.99 per cent, while the Nifty jumped 292.45 points or 2.68 per cent.

Exchange data showed that foreign institutional investors bought equities worth Rs 409.88 crore on a net basis on Friday.