Indian stock markets closed in the red on Monday, erasing early gains. The BSE Sensex fell 547.65 points, or 0.76%, to end at 71,924.68 while the Nifty 50 declined 157.10 points, or 0.70%, to close at 22,363.35. Selling in banking, IT and other heavyweight stocks, along with heavy foreign portfolio investor (FPI) outflows, weighed on the markets.