The 30-share BSE Sensex closed at 20,125.05, down 372.59 points or 1.82 percent and the 50-share NSE Nifty fell 114.70 points or 1.86 percent to settle at 6,062.65.
Sesa Goa, Tata Steel, Wipro, Infosys were among the top gainers with 4.39 percent, 2.30 percent, 1.46 percent, 1.03 percent up respectively.
Axis Bank, BPCL, Hero Honda, TCS were among the top losers with 3.95 percent, 3.87 percent, 3.86 percent, 3.63 percent down respectively.
Sensex sheds over 150 pts on profit booking
As profit booking continued, the benchamarks carried on with southbound trade. While Nifty slipped below the 6150 level, Sensex has shed over 150 points.
At 12:10 pm, BSE Sensex was trading at 20,336.09, down 161.55 points and NSE Nifty was at 6128.15, down 49.20 points.
Sell off in technology, financial, auto and cement companies' shares along with Bharti Airtel, ITC and Sun Pharma weighed on the markets.
However, on the positive side, NTPC, HUL, Reliance Industries, Sesa Goa, HDFC, Dr Reddys Labs, M&M, Reliance Communications, Suzlon, Cipla, Ranbaxy Labs and Reliance Infrastructure witnessed buying interest, which capped the losses.
Mkts open +ve, quickly slip into consolidation
After an initial uptrend at the opening bell, the indices slipped into consolidation mode.
On opening, BSE Sensex was trading at 20513, up 15.6 points and NSE Nifty was at 6178, up 0.6 points. However by 9:30 am, Sensex dipped 16. 23 points to trade at 20,481.41 and Nifty shed 9.65 points to trade at 6167.70.
While Infosys gained marginally on strong Q2 numbers, TCS, Wipro and HCL Tech also gained 1 to 2 per cent. However, profit booking came back to haunt the markets, flattening these stocks quickly in the early trade.
The BSE Smallcap Index opened up 52 points at 10761 and CNX Midcap went also up 0.17 per cent to 9503. Among the gainers were Dr Reddys Labs, Suzlon, HUL, Bharti Airtel and HDFC, while Kotak Mahindra, Bank, Axis Bank, ICICI Bank, Reliance Industries, ITC, Tata Power and Tata Motors dipped on selling.