mumbai indian markets closed sharply lower on monday with the sensex down 525 points at 58491 weighed by a global selloff that had its origins in a loan default by chinas largest real estate developer evergrande in which investors from across the world hold bonds analysts said that even the secondlargest real estate company in china is in trouble with mounting debt and the joint impact of the two entities now threatens the already fragile global recoveryon monday trading on dalal street started on a weak note with the sensex down nearly 400 points it recovered and was in the green by noon but after that it lost ground steadily to close nearly 1 lower the days 525point loss in the index was the biggest singlesession drop in two months bse data showedon the nse the nifty too traversed a similar trajectory and closed 188 points lower at 17397 commodity and metal stocks were the worst hit the days slide on the bse left investors poorer by rs 34 lakh crore with its market capitalisation now at rs 2577 lakh crore official data showedaccording to a report by the usbased investment management major invesco evergrandes liabilities are around 65 of the total chinese property markets liabilities and about 9 of the total chinese offshore bond market financing since the company is currently considered the bellwether for the property market and also a gauge of investors risk appetite for the broader offshore market its fair to assume that there could be some systemic risk to the market if the ordeal is left unmitigated it said in a report published on mondaycoming within two years of the covidpandemic led panic selling that was witnessed in early 2020 investors are taking a cautious stance and offloading their positions in case the debt crisis in china engulfs the global market as a result in midsession in the us the dow jones index was down over 2 while the nasdaq was 26 lower crude oil too had slipped by over 2 and copper futures december delivery in chicago was down nearly 3 back home the slide in the sensex was led by hdfc and hdfc bank along with tata steel these three stocks together accounted for more than 60 of the days loss in the sensex bse data showed on the other hand buying in fmcg stocks along with reliance industries cushioned the fall to some extent brokers also pointed out that while domestic funds were aggressive sellers with a net outflow of rs 1627 crore foreign investors were still net buyers at rs 93 crorethe weakness in metal and commodity stocks pulled down the bse metal index by nearly 7 while the basic materials index closed more than 4 down