Mumbai: A benchmark index for Indian equities Monday closed 378 points lower as traders booked profits after a three-week rally.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,138.04 points, closed at 17,004.46 points (provisional), 378.2 points or 2.19 percent down from its previous close at 17,233.98 points.

The Sensex had rallied 495 points or nearly 3 percentage last week and has gained 1,779.06 points or 11.51 percent in January backed by strong buying support from foreign institutional investors and as some economic indications like inflation improved.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the negative at 5,078.6 points, down 126.1 points or 2.42 percent from its previous close.

Broader markets also ended lower with the BSE 500 index slipping 2.14 percent down from its previous close.