The BSE benchmark index touched the day's low of 14,438.59, losing over 460 points from its previous close of 14,899.10 amid choppy session. Even as the broader-based Nifty index of National Stock Exchange touched the day's low of 4,328.90, losing 118.85 points from its previous close of 4,447.75, before finally ending the session 95.45 points down at 4,352.30 in the late trade.
Intense selling pressure prevailed throughout the day across the sector, however, a short-lived recovery from lower level was witnessed in afternoon trading session, brokers said, adding that weak global markets weighed the domestic bourses.
The market breadth was weak. Realty, Banking and IT stocks were the worst hit, leading the sharp slide. Index heavyweights, including Reliance Industries, dropped over three per cent and Ranbaxy Laboratories tumbled down about nine per cent. However, shares of state-run oil marketing companies and aviation shares sustained firmness.
The market breadth was weak on BSE as 1,613 shares declined against 1,017 that advanced and 86 that remained unchanged.
Meanwhile, the BSE Mid-Cap index declined by 1.29 per cent to 5,753.72 and the Small-Cap index by 0.99 per cent to 6,905.22.
The total turnover on BSE was quoted at Rs 4,790 crore as compared to Rs 5,485.53 crore in the previous session. Turnover in NSE's futures&options segment rose to Rs 46,868.19 crore from Rs 46,290.5 crore, a day before.
Ranbaxy Laboratories tumbled by 8.77 per cent to Rs 450.25 on 15.29 lakh shares. It was the top loser from Sensex pack. Reliance Industries (RIL) slumped by 3.40 to Rs 2,079 on 13.47 lakh shares. The stock moved in a range of Rs 2,067.05 and Rs 2,120 during the day.
Other Index heavyweights, HDFC tumbled by 5.78 per cent at Rs 2,281, HDFC Bank and ICICI Bank dropped by 4.33 per cent each at Rs 1,247.45 and Rs 687.15 respectively. Larsen&Toubro declined by 2.08 per cent at Rs 2,616.25 and State Bank of India was down by 1.09 per cent at Rs 1,518.55.
IT stocks were under selling pressure as Rupee appreciated against US Currency. Infosys declined by 4.26 per cent to Rs 1,713.25, Wipro was down by 4.88 to Rs 426.25, Satyam Computer Services was down by 3.85 per cent to Rs 415.80 and TCS marginally down by 0.71 per cent at Rs 838.15.
Telecom heavyweights declined, Bharti Airtel lost 2.73 per cent to Rs 804.10. Reliance Communications 0.88 per cent to Rs 393.95, edged lower from the Sensex pack.