NTPC and Reliance Energy slumped nine per cent each, while Larsen&Toubro and Hindalco plunged 5.5 per cent each. Bajaj Auto and ONGC lost 4.7 per cent each, and Wipro and Grasim slipped by around 4.5 per cent each. TCS plummeted by slipped nearly three percent, and Reliance and BHEL fell by around 2.5 per cent each.
The National Stock Exchange (NSE) Nifty slipped 170 points to 5,033. Equity markets worldwide have gained some respite from a global rout since the U.S. Federal Reserve slashed interest rates by 75 basis points on Tuesday. Despite the upward rally, analysts say that the panic among the investors has not subsided.
"The market has revived, but people are still a little bit cautious and the panic continues. The basic problem is that people invested money in the Reliance IPO and the money is locked there. Also, things are still not okay in the European markets and United States," said Rajesh Patwa, market analyst.
Buying was evident in banking, information technology, real estate and oil&gas counters.
"It is a good time to buy, it is a good opportunity for buyers. Also, I think it will take time to stabilize," said Navin, an investor.