A woman speaks on her phone as she walks past the Bombay Stock Exchange building in Mumbai.Reuters

The Indian equity markets continued their losing streak for the fourth straight session on Monday as bank stocks and some index heavyweights came under selling pressure.

The benchmark indices traded higher during the opening session before slipping into negative territory. The 30-share BSE Sensex closed at 28,192.02 points, down 69.06 points, while the CNX Nifty fell 20 points to end at 8,550.90 points.

The S&P BSE bank index fell 182.35 points, while the information technology (IT) index was down by 120.66 points.

Market participants believe the Indian stock markets are undergoing consolidation and expect the phase to extend further.

Shares of Jindal Steel and Power Ltd (JSPL) witnessed heavy selling on Monday after the government cancelled its bids for coal mines. The company's shares fell 14.9 percent to touch intra-day low of Rs 140.00 on the National Stock Exchange (NSE) before paring losses and ending the day at Rs 154.40, down 6.17 percent.

On the other hand, shares of Usha Martin rose sharply by 13 percent underpinned by the government's approval of its bids for coal blocks.

Besides, shares of Glenmark Pharmaceuticals saw heavy selling following the ruling of Delhi court, which ordered the company to stop manufacturing, marketing or selling its anti-diabetes medicines. Shares of the company, which opened on a weak note at Rs 811.10, fell to an intra-day low of Rs 790. The stock ended at Rs 793.45 on the BSE, down 4.51%.

The Indian rupee (INR) traded higher against the US dollar for the day to close at 62.28, up 19 paise.