The Indian share markets faced heavy selling pressure on Monday and declined for  fifth consecutive session on the back of broad-based selling pressure.

The BSE Sensex dropped 1,145 points to close at 49,744 and Nifty 50 index tumbled 306 points to settle at 14,676. The Nifty Bank index fell 580 points or 1.6 percent in today's session to end at 35,257. The index down over 2,500 points from its all-time high of 37,708. All sectoral indices other than the Nifty Metal index ended lower in today's session. The Metal index also slipped down from the day's high to end with gains of 1.6 percent

Eicher Motors was the top Nifty loser, the stock dropped 5 percent to ₹ 2,453. Mahindra & Mahindra, Dr. Reddy's Labs, Tech Mahindra, Axis Bank, IndusInd Bank, Reliance Industries, SBI Life, TCS, Larsen & Toubro, Maruti Suzuki, Power Grid, HCL Technologies, HDFC and Tata Motors also between 3-5 percent.

The biggest losers in today's session were the Nifty Media index, which fell 3.4 percent, led by multiplex players PVR and Inox Leisure. The Nifty I.T., Nifty Pharma, Nifty PSU Bank, Nifty Realty declined over 2.5 percent each in today's session while the Nifty Auto index fell 2.3 percent.

Broader markets also ended lower, but the quantum of losses was lesser as compared to the benchmark indices. The Nifty Midcap index fell 1.3 percent while the Smallcap index declined 1.2 percent in today's session.

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