The 50-share NSE Nifty cracked the 4850 as well and fell 1.75 pc or 86.50 points, to settle at 4,845.35.
The 30-share BSE Sensex closed at 16,224.95, down 271.10 points or 1.64 pc.
Realty was the major loser and the respective Index tanked nearly 4 pc. DLF was down 4.4 pc and Unitech down 4.6 pc.
SAIL, Sterlite Industries and Tata Steel fell 3-3.8 pc. Hindalco tumbled 6.5 pc, a top loser and Jindal Steel lost 1.76 pc.
In Asian cues, Hang Seng fell 1.3 pc and Straits Times lost 0.7 pc. Shanghai, Jakarta and Nikkei declined 0.3-0.46 pc. Kospi and Taiwan closed flat.
European markets also slipped in red after flat opening. CAC, DAX and FTSE were trading 0.6-0.8 pc lower, at the time of closing of Indian equities. US index futures were down 0.4-0.5 pc.
Nifty slips further; Tata Motors, HDFC down
At 12.33 pm, the Nifty was down close to 1 pc. Selling pressure was seen in realty, metal, IT, auto, power and bank stocks.
Buying was seen in FMCG stocks. The BSE Midcap index turned into red indicating further weakness in the market.
The Sensex was up 197.25 points or 1.22 pc at 16360.69, and the Nifty was down 44.65 points or 0.91 pc at 4887.20.
About 1404 shares advanced, 1478 shares declined, and 259 shares were unchanged.
In the largecap space, ITC was the top gainer on the Sensex. Sun Pharma ICICI Bank and ONGC were marginally trading in green.
On the losing side, Hindalco, HDFC, Tata Motors, Jaiprakash Associates and Tata Steel were down 2-3 pc.
Nifty southbound; realty, tech, banks dip
At 11:11 am, the Nifty was trading close to the 4900 mark with negative bias.
The Sensex was up 229.08 points or 1.42 pc at 16392.52, and the Nifty was down 37.45 points or 0.76 pc at 4894.40.
About 1471 shares advanced, 1363 shares declined, and 306 shares were unchanged.
Heavy selling was seen in realty, IT, metal, banks and auto stocks.
Buying was seen in consumer durables and FMCG stocks. The BSE Midcap and Smallcap index were marginally trading in the green.
In the largecap space, GAIL was the top gainer with more than 4 pc gain. Ranbaxy Labs, BPCL, Maruti Suzuki and ICICI Bank were up 0.3-1.3 pc.
On the losing side, HDFC, Hindalco, Tata Steel, Wipro and Unitech were down 1.8-2.5 pc.
Sensex opens negative on weak Asian cues
Sensex started the day on a negative note on the back of profit booking. Weak Asian cues also weighed on the markets.
At 9:02 am, the Sensex was trading at 16442, down 53 points and the Nifty was at 4913, down 18 points.
The BSE Smallcap Index fell 16 points to 8496. The market breadth was mixed; about 330 shares advanced while 359 shares declined on the NSE.
Metal, banking, capital goods and realty stocks were seeing selling pressure.
Among frontliners, ICICI Bank was up. ACC and Ambuja Cements gained ahead of results today.
However, Sterlite, Tata Steel, Hindalco, L&T, PNB, HDFC Bank, DLF, Unitech and Jaiprakash Associates were under pressure.
Asian markets were trading off day's high. Shanghai and Kospi fell 0.2 pc each. Nikkei and Straits Times declined 0.6 pc each. Hang Seng lost 1 pc. However, Taiwan and Jakarta were marginally in the green.