The 30-share BSE Sensex dropped 545.92 points or 3 percent, to close at 17,632.41 and the 50-share NSE Nifty fell 174.65 points or 3.21 percent, to end at 5262.70. The BSE Midcap and Smallcap indices too tanked three percent each.
Hero Honda, Cairn India, Suzlon Energy, who among the top gainers, were at 1.52 percent, 1.12 percent, 0.44 percent up respectively.
Tata Motors, Jaiprakash Asso, Jindal Steel, ICICI Bank, who among the top losers, 7.82 percent, 6.27 percent, 5.80 percent, 5.44 percent down respectively.
Indian equities embattled; Nifty below 5300 level
The Indian equities were hammered in afternoon trade. Nifty dipped below 5300 level. However, crude oil continued its uptrend. It reached over USD 101 barrel. Rising violation in Libya played a crucial part in rise of oil. It also expected that the protest may spill over other Middle East regions and producers including top oil exporter Saudi Arabia.
London brent crude was trading at USD 117 barrel, up 6 per cent and crude oil was trading at USD 102 barrel, up 4 per cent over previous close on New York Mercantile Exchange.
At 2:34 pm, the BSE Sensex was at 17,776.23 down 402.10 points and Nifty was at 5,304.40 down 132.92 points.
Sensex sheds 220 pts at noon trade
At 1:13 pm, the 30-share BSE Sensex tanked 220 points to 17,958 and the 50-share NSE Nifty fell 67 points to 5,370. The broader indices too were following the same trend - the BSE Midcap and Smallcap indices slipped more than one percent.
Crude oil was trading above the USD 99 a barrel, which conquered USD 100/bbl on Thursday, Feb 24 due to turmoil in Libya and Middle east.
Shares of Capital Goods, Auto, Oil & Gas, Metal, Power, Bank, Healthcare and IT were down were down 1-2 percent.
L&T, Tata Motors, ONGC, M&M, Tata Power, HCL Tech, Sesa Goa, BPCL and Tata Steel, who among the frontliners, were 2-3 percent down.
Nifty dips as oil rises; Index holds 5400 level
The market opened flat due to the week US cues. However, crude oil prices hit USD 100 a barrel mark yesterday (Feb 23) for the first time since Oct 2008. The Index held 5400 mark. Oil & gas, private financial, FMCG, Anil Dhirubhai Ambani Group, select metal and auto companies' shares were on sellers' radar.
The Bombay Stock Exchange benchmark Sensex slumps 90 points in opening trade on Thursday, Feb 24. Following the sustained selling by foreign funds amid a weak trend in other Asian markets and current month contract expiry in the derivatives segment.
BPCL, Infosys, Tata Motors, Maruti, Wipro, Axis Bank, Kotak Mahindra Bank, HDFC Bank, ICICI Bank, IDFC and Ranbaxy Labs were under selling pressure, among frontliners.
At 10:30 am, the BSE Sensex was at 17,982.78 down 195.55 points and Nifty was at 5,372.15 down 65.20 points.