Mumbai, Dec 30 (IANS): The Indian stock market closed in the red on Monday as a spike in volatility amid foreign institutional investors' (FIIs) outflow and global cues affected investor sentiment.

Sensex ended at 78,248.13, down by 450.94 points or 0.57 per cent and Nifty settled at 23,644.9, down by 168.50 points or 0.71 per cent.

Nifty Bank ended at 50,952.75, down by 358.55 points, or 0.70 per cent. The Nifty Midcap 100 index closed at 57,189.75 after rising 209.95 points, or 0.37 per cent, while the Nifty Smallcap 100 index closed at 18,639.95 after declining 115.90 points, or 0.62 per cent.

According to Rupak De of LKP Securities, "Nifty remained volatile during the session, oscillating between 23,600 and 23,900. On the daily chart, the index has slipped below its recent consolidation."

"Additionally, it continues to trade below the 200-DMA, indicating weak sentiment. The overall outlook remains negative for the short term, with potential downside risks," he noted.

On the Bombay Stock Exchange (BSE), 1,486 shares ended in green and 2,636 shares in red, whereas there was no change in 145 shares.

On the sectoral front, PSU Bank, auto, financial service, metal, realty, media, energy, infra and commodities sectors were major gainers. Pharma, IT, FMCG and healthcare sectors were major losers.

In the Sensex pack, Tata Motors, Titan, M&M, Tata Steel, SBI, NTPC, Maruti Suzuki, HDFC Bank and ICICI Bank were the top losers. While Zomato, Tech Mahindra, HCL Tech, Sun Pharma, IndusInd Bank and Asian Paints were the top gainers.

The rupee closed flat at 84.84 against the US dollar, down nearly 30 paisa form its previous closing at 84.54 rupee against dollar.

On Monday, the Indian currency opened at 85.48 against the dollar after strengthening by 6 paise.

FIIs sold equities worth Rs 1,323.29 crore on December 27, while domestic institutional investors bought equities worth Rs 2,544.64 crore on the same day.