BSE Sensex shut shop at 17,749.69, down 126.86 points and NSE Nifty closed at 5316.55, down 36.75.
Sell off was seen in technology, metal, capital goods, oil & gas exploration, auto, financial, select power and telecom companies
The losses were, however, limited by the gains in ITC, BPCL, HUL, Ranbaxy, Unitech, Idea, Sun Pharma, Tata Power, Ambuja Cements, ABB and Siemens.
4: 29 PM
Sensex on recovery; FMGC, oil, pharma up
Riding on the bounce back of index heavyweight Reliance Industries and the positive vibes from FMCG, realty, oil marketing and pharma companies' shares, Sensex showed recovery in the afternoon session.
At 2: 20 pm, BSE Sensex was at 17,810.68, down 65.87 points and NSE was at 5339.55, down 13.75 points.
The markets were under pressure from technology, metal, financial, capital goods, auto and select power companies' shares.
On the news of EGoM Jun 25 meeting on fuel pricing, Oil marketing companies like HPCL, BPCL and IOC surged 3.7 to 5 per cent.
Sterlite Tech, Emami, Gee Kay Finance, Essar Shipping and Dishman Pharma were the midcap gainers, up 4 to 8 per cent while Kwality Dairy, Pipavav, DB Corp, Yes Bank and HCL Info slipped 2 to 5 per cemt.
In the smallcap arena, GRUH Finance, OCL Iron, Tilaknagar Industries, VIP Industries and Hindustan Motors rose 6.5 to 11 per cent. However, DCM Shriram Inds, Hatsun Agro, Amtek India, LGS Global and Elpro Int dipped 3.5 to 5 per cent.
2: 25 PM
Sensex tanks 137 pts; Tata Power, Siemens dip
After Monday, Jun 21 rally on China's Yuan move, the Asian equities dipped wighing down the Indian markets too. While Sensex tanked over 100 points, Nifty continued trading in red after a weak opening losing over 30 points.
At 11: 50 am, BSE Sensex was at 17,738.87, down 137.68 points and NSE Nifty shed 36.55 points to trade at 5316.75.
Markets were under pressure from technology, metal and select infrastructure companies' shares along with heavyweights Reliance Industries and SBI. Among the other losers were Kotak Mahindra Bank, ICICI Bank, Axis Bank, Tata Power, BPCL, M&M, ABB, Hero Honda and Siemens.
Sterlite Industries down 2.08 per cent; Hindalco down 1.86 per cent; Tata Motors down 1.66 per cent; Tata Steel down 1.56 per cent; Jaiprakash Associates down 1.5 per cent and Jindal Steel down 1.46 per cent were top losers.
However, the losses were limited by the buying in FMCG, select healthcare and telecom.
The top gainers were Ranbaxy Labs up 1.79 per cent; Kotak Mahindra up 1.29 per cent; HUL up 1 per cent; Reliance Communications up 0.94 per cent; Idea Cellular up 0.93 per cent; M&M up 0.40 per cent and HDFC up 0.13 per cent.
11: 58 AM
Mkts open weak; metal, IT stocks under pressure
After the rally inspired by China's announcement on Yuan rate, Nifty dipped on the opening bell.
At 9:02 am, BSE Sensex was trading at 17791, down 84 points and NSE Nifty was at 5330, down 23 points. The CNX Midcap slipped 21 points to 8057. BSE Smallcap rose 12 points at 8965.
Metal, financial, select infrastructure and technology stocks were under pressure. Selling pressure was also seen in Sterlite Industries, SAIL, Hindalco, Tata Steel, Reliance Communications, HCL Tech, Unitech, Infosys, Jaiprakash Associates, IDFC, Suzlon, Reliance Infrastructure, ICICI Bank, Reliance Capital and Kotak Mahindra Bank.
The only gainers were Sun Pharma, Ranbaxy Labs, Idea Cellular and BPCL.
Among the midcaps and smallcaps, Rabo Bank slipped 5 per cent after it sold 11 per cent stake in Yes Bank via block deal. Vishal Retail dipped 4 per cent. Sesa Goa was down 2.5 per cent and HDIL down 1.5 per cent.
On the positive side, Hindustan Motors went up 7 per cent. VIP gained 3.5 per cent. IndusInd Bank was up 2.5 per cent and Star Paper rose 2 per cent.
9: 37 AM