New Delhi: The stock markets closed more than 3% down on Monday on weak overseas trend and the economic pessimism.

The Bombay Stock Exchange’s sensitive index, or Sensex, closed 284.53 points down, or 3.2%, at 8.607.08.

The National Stock Exchange’s index Nifty ended 89.05 points lower at 2674.60.

Government data showed India’s January exports declined an annual 15.9% to $12.38 billion, a fourth straight fall due to low demand of Indian goods because of global slowdown.

Country’s economy has slowed to its weakest in almost six years in the December quarter to 5.3%.

Reliance Industries Ltd, (RIL) closed 3.15% down at Rs1,225.15, on its move to absorb it unit Reliance Petroleum Ltd (RPL). It announced share swap ratio of 1 share for every 16 shares held in its 70% owned unit.

Small cap index closed 56.73 points down at 3040.28, Mid cap index ended 57.31 points lower at 2700, BSE 200 closed 31 points down at 1013.88 and BSE 500 ended 93.02 points lower at 3139.09.

Other losers of the day are ONGC at Rs664.05, Rs27.10 low; RCOM at Rs145.35, Rs10.10 low; REL Infra at Rs445.85. Rs44.75 low; SBI at Rs 995.25, Rs31.85 low; Sunpharma at Rs994.20 at Rs20.25 low; Tata Power at Rs711.70, Rs14. 70 low and Tata Steel Rs159. 35, Rs13 low.