New Delhi - Indian stock markets dipped by over 3 per cent Monday on weak overseas trends and government data showing a decline in exports.

The Bombay Stock Exchange's 30-share sensitive index, Sensex, closed at 8607.08 points, about 3.2 per cent below its previous close.

The National Stock Exchange's broader 50-share Nifty ended at 2674.60 points, also 3.22 per cent below Friday's close.

Government data showed India's exports had declined an annual 15.9 per cent to 12.38 billion dollars in January, a fall for the fourth consecutive month due to the global slowdown.

Data released earlier had said the economy had slowed to a 5.3 per cent GDP growth in the quarter ended December, its lowest in six years.

The Indian government has revised its growth prediction for the 2008-2009 fiscal (April 1 to March 31) to 7 per cent, well below the 9 per cent growth rate it posted for the three previous financial years. (dpa)