The Indian stock market on Monday failed to sustain its opening gains as financial stocks declined significantly.

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BSE Sensex index fell by 216 points to 63,168, while the Nifty 50 index dropped by 71 points to 18,755.

Simultaneously, the Nifty Bank slipped by 304 points to 43,634, while the midcap index saw a modest increase of 14 points, reaching 35,158.

Adani Enterprises, Kotak Mahindra Bank, Hero MotoCorp, Axis Bank and Adani Ports were among the biggest losers on the Nifty, while gainers included HDFC Life, Bajaj Finance, Bajaj Finserv, Tech Mahindra and TCS.

Among sectors, auto, bank, realty, power, realty and FMCG down 0.5 percent each, while PSU bank index rose 1 percent and Information Technology index added 0.4 percent.

(Will be updated)

Also read: Stock Market Highlights: Sensex, Nifty 50 fail to hold gains, financials drag indices lower