Investors' wealth has tumbled by Rs 5,31,261.2 crore in two days of equity market decline amid a bearish trend overseas.

Sliding for the second consecutive session on Monday, the 30-share BSE benchmark Sensex plunged 524.96 points or 0.89 per cent to close at 58,490.93. During the day, it dropped 626.2 points to 58,389.69.

In the previous session, the index settled 125.27 points or 0.21 per cent lower at 59,015.89.

Following the weak trend, the market capitalisation of BSE-listed companies tumbled Rs 5,31,261.2 crore in two days to reach Rs 2,55,47,093.92 crore.

"Following high volatility and weak global sentiments, the domestic market ended in a bear grip with metal and PSU banks leading the downward rally. Global markets traded negatively as investors were cautious ahead of multiple central bank policy meetings scheduled this week," said Vinod Nair, Head of Research at Geojit Financial Services.

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Tata Steel was the biggest loser on the Sensex chart, diving 9.53 per cent, followed by SBI, IndusInd Bank and HDFC.

In contrast, HUL, Bajaj Finserv, ITC, HCL Tech, Nestle India, Bajaj Finance and RIL settled with gains.

Sectorally, BSE metal, basic materials, realty, power and utilities indices tanked up to 6.80 per cent, while FMCG closed higher.

In the broader market, the BSE midcap and smallcap indices declined up to 1.84 per cent.

"The Indian markets finally seem to be taking a small pause, largely driven by nervousness in the global markets.

"Two key factors playing on the minds of global investors include the upcoming Fed meeting and the uncertainty building up in the Chinese real estate market due to stress on one of the major property players in the country," Milind Muchhala, Executive Director, Julius Baer said.