Sensex closes nearly 1% lower as financial stocks bear the brunt

Indian shares settled lower on Monday, taking cues from a broader selloff seen across the globe on fears of a recession in the United States.

The benchmark BSE Sensex closed down 0.93 percent at 37,808.91, while the broader NSE Nifty slipped 0.90 percent to 11,354.25.

Financials were the biggest losers on the index, with Nifty's bank index settling 1.02 percent lower.

Shares of debt-ridden airline Jet Airways Ltd ended 12.69 percent higher after Chairman Naresh Goyal stepped down from the company's board.