Key benchmark indices went into a tailspin today as the meltdown in Chinese markets had a domino effect on Asian bourses, including India. The lingering uncertainty on the Greece front also kept the market participants on the edge.
The broader markets also took it on the chin, with the BSE Midcap and Smallcap indices shedding 1.3% each at 10,877 and 11,351 respectively.
Investors will remain cautious as the first quarter earnings season will kick off with Tata Consultancy Services announcing its April-June results on Thursday and the Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.
In the currency space, the Indian rupee weakened by 14 paise against the dollar to 63.60 as a result of the market weakness.
The Sensex plunged by 484 points or 1.7% at 27,687 and the Nifty settled below the 8,400 mark at 8,363, down 147 points or 1.7%.
Titagarh Wagons rose 3.04%, after receiving an industrial license from Ministry of Commerce & Industry, Department Policy & Promotion, Government of India for the manufacture of various items for defense.
Tata Motors plunged 6.44%, on concerns demand for its luxury brand of cars, Jaguar Land Rover will take a hit after worries about a slowdown in China.
Shares of Vascon Engineers surged 2.64% after the company in a release said that it has won orders worth Rs 286.11 crore.
The market breadth stood in favour of declines. Of the 2858 stocks traded on the BSE, 953 (33.34%) rose, 1793 (62.74%) fell and 112 (3.92%) stocks remained unchanged.
All the sectoral indices ended in the red zone- Top Losers: S&P BSE Metal down 3.89%, S&P BSE Auto down 2.24% and S&P BSE Realty down 1.78%.
Among 'A' group stocks, top three gainers were - Alstom T&D up 5.53%, RCom up 4.44% and Alembic Pharma up 4.42%. Top three losers were - Vedanta down 7.85%, Kotak Bank down 7.62% and Yes Bank down 7.46%
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