Equity benchmark indices tumbled nearly 1.5 per cent on Monday due to heavy selling in frontline stocks Reliance Industries, ICICI Bank and HDFC Bank amid rising geopolitical risks in the Middle East and weakness in Japanese markets.

Besides, profit-taking after a record-breaking rally and foreign fund outflows added to the gloom, analysts said.

The BSE Sensex tumbled 1,272.07 points or 1.49 per cent to settle at 84,299.78. During the day, it plunged 1,314.71 points or 1.53 per cent to 84,257.14.

The NSE Nifty tanked 368.10 points or 1.41 per cent to 25,810.85.

From the 30 Sensex firms, Reliance Industries and Axis Bank declined over 3 per cent each. ICICI Bank, Nestle, Tech Mahindra, Mahindra & Mahindra, Maruti, Bajaj Finserv, State Bank of India and Tata Motors were the other major laggards.

In contrast, JSW Steel, NTPC, Tata Steel, Titan and Asian Paints were the gainers.

"Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services.

In Asian markets, Seoul and Tokyo settled with deep cuts, while Shanghai and Hong Kong ended sharply higher.

Japan's benchmark Nikkei 225 index tanked nearly 5 per cent on Monday. The Shanghai Composite index surged 8 per cent amid fresh stimulus measures announcement.

European markets were trading lower. The US markets ended on a mixed note on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,209.10 crore on Friday, according to exchange data.

Global oil benchmark Brent crude declined 0.19 per cent to USD 71.84 a barrel.

The BSE benchmark Sensex declined 264.27 points or 0.31 per cent to settle at 85,571.85 on Friday. During the day, it climbed 142.13 points or 0.16 per cent to reach a new record intra-day peak of 85,978.25.

The Nifty dipped 37.10 points or 0.14 per cent to 26,178.95 after rising 61.3 points or 0.23 per cent to an all-time intra-day peak of 26,277.35 during the session.