Sensex ended at 60,008.33, down 314.04 points or 0.52%, while Nifty dropped 100.55 points or 0.56% to settle at 17,898.65.
A sharp market correction is likely to happen when the FIIs turn big sellers. But there are no signs of that yet.
Japan's exports snapped seven months of double-digit growth in October due to slowing car shipments hit by global supply constraints.
Ventura Securities is bullish on Ion Exchange with a price target of Rs 2,600 per share.
Sensex settled at 60,322.37, down 396.34 points or 0.65%, while Nifty ended 110.25 or 0.61% lower at 17,999.20.
The bull run is likely to continue for the next 2-3 years but things won't be easy from here in terms of stock picking.
Most sectoral indices on the NSE were trading in the green. Nifty IT & Nifty Media indices rose 0.39% each
Macrotech Developers has launched its qualified institutional placement on Monday. The floor price is set at Rs 1,184.70 per share.
U.S. equities were flat on Monday, as U.S. Treasury yields reversed and climbed higher, and investors awaited quarterly reports from big retailers.
Sensex settled 32 points or 0.05% higher at 60,718, while the Nifty added 6 points or 0.04% to close at 18109.