BSE Sensex shut shop at 17,137.14, down 248.94 points NSE Nifty ended at 5148.50, down 74.25.
Weak European cues also weighed on the markets. Australia announced 40 per cent tax on mining companies.
4: 24 PM
Nifty slips below 5200 mark on weak global cues
Weak global cues forced Nifty to slip below the 5200 mark. Sensex too tanked about 100 points. At 2: 10 pm, BSE Sensex was at 17,281.46, down 104.62 points, NSE Nifty was trading at 5192.65, down 30.10 points.
Buying interest was seen in metal, realty, power, technology, cement and select capital goods companies' shares.
HDFC, Axis Bank, PNB, HCL Tech, M&M, Idea, Hero Honda and BPCL were the only gainers. Hindalco, Ambuja Cements, Tata Steel, Unitech, Sterlite Industries were on the losing side.
Kansai Nerolac, Patni Computer, Gee Kay Finance, Bajaj Holdings and Glenmark were the midcap gainers, while Bombay Rayon, Balrampur Chini, Indiabulls Real, India Infoline and Nirma lost.
Kemrock Industries, Suashish Diamonds, Sujana Towers, Panacea Biotec and Elgi Equipments were smallcap gainers. However, Century Enka, Hind Motors, GeeCee Ventures and MSP Steel slipped.
2: 25 PM
Benchmarks flat; metal, realty witness selling
After opening the day higher, the benchmarks have turned flat. While selling continued in realty and metal arena, Auto and pharma stocks witnessed buying interest.
At 12: 30 pm, BSE Sensex was trading at 17,379.85, down 6.23 points, and NSE Nifty was at 5220.90, down 1.85 points.
Among the largecaps, HCL Tech, Axis Bank, Mahindra and Mahindra, PNB and HDFC gained 1.3 to 2.5 per cent while Hindalco, Ambuja Cements, Bharti Airtel, Sterlite Industries and Reliance Power lost 1.3 to 2.3 per cent.
Index heavyweight Reliance was up 0.45 per cent, IT major Infosys was down 0.69 per cent, Cigarette major ITC was up 0.19 per cent and refinery major HPCL was up 1.67 per cent.
While Smallcap was in the positive zone, BSE Midcap index was flat.
Kansai Nerolac, Gee Kay Finance, Patni Computer, Federal Bank and Glenmark were the top midcap gainers. Indiabulls Real, United Bank, Fresenius Kabi, Indiabulls Finance and India Infoline lost.
Kemrock Industries, Sujana Towers, Panacea Biotec, Hexaware Tech and Suashish Diamonds were smallcap gainers, while Century Enka, Hindustan Motors, GeeCee Ventures and Shree Ram Urban dipped.
12: 34 PM
Mkts open positive; Idea, Tata Motors up
After opening the week red due to weak global cues, the Indian benchmarks gained strength from the positive US markets to open the day on a higher note.
The US markets are celebrating country's good economic data as well as the Greece financial rescue package.
At 9:02 am, NSE Nifty was trading at 5242, up 19 points and BSE Sensex was at 17449, up 64 points. The CNX Midcap gained 49 points to 8097 and the BSE Smallcap rose 56 points to 9225.
However, the markets are trading amid volatility.
Buying interest was seen in Jaiprakash Associates, Idea Cellular, Tata Motors, HDFC, HCL Tech and Jindal Steel, while Bharti Airtel, ITC, ONGC and Siemens lost.
The Asian markets continued to be weak in trade.