Closing bell: Sensex gyrated 976 points intra-day but ended 149 points,lower at 57,683.5 and Nifty closed at 17,207, down 70 points

In the broader markets, the BSE SmallCap index underperformed the benchmarks as it fell 2.2 percent. The BSE MidCap index, on the other hand, was down 0.8 percent.

Sectorally, the Nifty Media and Metal indices fell 2.7 percent and 2.2 percent, respectively, followed by the Nifty Pharma and PSB indices, down 1.4 percent each. The Nifty Private Bank index, on the other hand, was the top gainer, up 0.3 percent.

Shares of listed hotel companies rallied up to 20 percent on the BSE in Monday's intra-day trade, supported by heavy volumes, on the expectation of a strong outlook. Chalet Hotels, for instance, surged 20 percent to hit a 52-week high of Rs 301.40 on the back of a two-fold jump in trading volumes.

Shares of Vedant Fashions, the owner of ethnic wear brand Manyavar, were trading lower for the third straight day on Monday, falling 3.5 percent intraday to Rs 875, which is close to its issue price of Rs 866 per share on the BSE. This comes after the company made a decent market debut last week.

Shares of InterGlobe Aviation – the parent company of the low-cost airline IndiGo – were down 4 percent at Rs 2,025 on the BSE in Monday's intra-day trade after one of its promoters and co-founders Rakesh Gangwal stepped down from the airline's board. 

Shares of Tata Consultancy Services (TCS) are in focus in Monday's trade ahead of the ex-date for its share buyback tomorrow, February 22, 2022. The stock hit an intra-day low of Rs 3,705.80, falling 3 percent from its intra-day high of Rs 3,812 on the BSE.

European markets advanced on Monday as hopes emerged for a diplomatic solution to Russia-Ukraine tensions. The pan-European Stoxx 600 index added 0.6 percent in early trade, with banks climbing 1.1 per cent. Menawhile, in the US, markets are closed Monday for the Presidents Day holiday.

Shares in Asia-Pacific were mixed on Monday as investors continued to monitor the situation surrounding Ukraine, while China left its benchmark lending rate unchanged.