Indian equity markets opened higher on Monday but erased all gains late in the day, with key indices shedding over 250 points. Profit taking occurred at higher levels as the underlying sentiment remains weak. The BSE Sensex closed down 252 points at 8,839 while the Nifty fell 72 points to 2,682. All 13 sectoral indices ended in the red, with realty, automobiles and banks among the biggest decliners. Analysts said the markets lack direction due to global economic uncertainty and domestic political issues.