Markets near 4-month low; Sensex, Nifty have dropped 9% from all-time highs

The Sensex and the Nifty have come off by over 9% from their all-time highs reached end-January

Global and local headwinds continued to weigh on the equities market on Monday, with the benchmark Sensex and Nifty indices closing at their lowest levels since December 6. 

Shares of metal and oil companies took another bout of pounding amid fears of a global trade war. Recent political developments pointing towards a weakening of the ruling Bharatiya Janata Party (BJP), such as the defeat in by-polls and the exit of ally Telugu Desam Party (TDP) from the ruling alliance, kept investors on tenterhooks.  Also, economic data, including the widening of current account deficit further weakened the sentiment.

The BSE Sensex fell 0.8