US markets suffer on banks and European concerns

US markets despite some recovery in the latter half of the trade could not manage a close of green and ended with cut of about a percent on Monday. International news seemed to weigh on the markets as Greece's inability to break a political impasse fueled speculation the country may eventually have to leave the eurozone. On the domestic front, banking stocks once again led the declines. Shares of JPMorgan which were down 9% on Friday, lost another 3% on Monday, after the bank announced the retirement of chief investment officer Ina Drew, weighing down the sentiments of the whole sector.

In Europe, Greece continued to struggle to form a new government. The country's various political parties have clashed over next steps for the European Union/International Monetary Fund bailout deal, which involves harsh austerity measures that much of the Greek population has rejected.

The Dow Jones industrial average closed lower by 125.33 points, or 0.98 percent, to 12,695.27. The S&P 500 finished down by 15.03 points, or 1.11 percent, to 1,388.36, while the Nasdaq dipped 31.24 points, or 1.06 percent, to 2,902.58.

Indian ADRs closed mostly in red on Monday, HDFC Bank was down by 0.81%, ICICI Bank was down by 1.25%, Infosys was down by 0.43%, Wipro was down by 0.09% and Tata Motors was down by 0.76%.