Closing bell: Sensex slumps 617 pts; Nifty falls below 17,000

Benchmark indices tumbled for the second day in a row on Monday, with the Sensex tanking 617.26 points following heavy selling in market major Reliance Industries and negative global cues.Unabated foreign fund outflows added to the weak sentiment.The BSE benchmark Sensex dived 617.26 points or 1.08 per cent to end at 56,579.89. During the day, it plummeted 840.28 points or 1.46 per cent to 56,356.87.The broader NSE Nifty declined 218 points or 1.27 per cent to 16,953.95.Among the 30-share Sensex pack, Tata Steel, Tech Mahindra, NTPC, Reliance Industries, Titan, ITC, Larsen & Toubro and Sun Pharma were the major laggards.In contrast, HDFC Bank, ICICI Bank, HDFC, Kotak Mahindra Bank, Nestle, Maruti Suzuki and Bharti Airtel were the gainers.Asian markets in Tokyo, Hong Kong, Seoul and Shanghai settled significantly lower.Markets in Europe were also trading in the negative zone in the afternoon session.Meanwhile, international oil benchmark Brent crude tumbled 4.44 per cent to USD 101.92 per barrel.Foreign institutional investors continued their selling spree, offloading shares worth ₹2,461.72 crore on Friday, according to stock exchange data.