The overall market breadth stood extremely weak as 577 shares advanced while 2,973 declined on BSE.New Delhi: The Indian equity benchmarks plunged sharply on Monday, extending fall to the second straight session amid a global sell-off. The domestic indexes crumbled, tracking the meltdown in global markets due to escalating tensions between Ukraine and Russia. The 30-share BSE Sensex crashed 1,747 points or 3 per cent to close at 56,406, while the broader NSE Nifty settled 532 points or 3.06 per cent lower at 16,843.Investors have lost more than Rs 8.50 lakh crore in a day after the slump on Dalal Street, with the market capitalisation (m-cap) of BSE-listed companies falling to Rs 255.36 lakh crore from Friday’s Rs 263.90 lakh crore mark.Mid- and small-cap shares finished in the negative zone as Nifty Midcap 100 index fell 3.94 per cent and Nifty Smallcap 100 index dived 4.44 per cent. In contrast, NSE’s India VIX, Volatility Index, jumped as much as 23 per cent.”The volatility has gone up with the increase in uncertainty over tensions between Russia and Ukraine. The market is under downward pressure. It is expected that the tensions will get dissipated through geopolitical manoeuvres over the next few weeks, but market volatility will be high during this period,” said Mohit Ralhan, Managing Partner, TIW Captial Group.Asian shares also traded in deep red, after concerns that Russia may soon invade Ukraine, which sent oil prices to seven-year peaks. Oil rates surged towards $100 a barrel for the first time since 2014.Back home, all the 15 sector gauges — compiled by the National Stock Exchange — settled in red. Nifty PSU Bank and Nifty Metal underperformed the index by diving as much as 5.95 per cent and 5.06 per cent respectively.On the stock-specific front, JSW Steel was the top Nifty loser as the stock cracked 6.47 per cent to Rs 627.95. HDFC Life, Tata Steel, Tata Motors and HDFC were also among the laggards.The overall market breadth stood extremely weak as 577 shares advanced while 2,973 declined on BSE.On the 30-share BSE platform, Tata Steel, HDFC, SBI, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank attracted the most losses with their shares sliding as much as 5.80 per cent.