The Sensex ended the day with losses of 212 points, while the Nifty lost 87.30 points in trade. Among the top losers in trade were the banking stocks which were hammered, particularly the private sector banking names.
Among the losers from the space that saw maximum price damage were Yes Bank, IndusInd Bank and Axis Bank. PSU Banks also saw a sharp decline with Oriental Bank of Commerce, Dena Bank, Bank of India and Canara Bank seeing maximum price damage.
FMCG stocks like HUL, which have been lending support to the market in the last few days also lost ground and closed the day lower.
ITC ended the day flat ahead of its results to be declared later on Thursday. The one pocket that remained resilient in trade today was the IT pack with Tata Consultancy Services leading gainers.
Mid Cap stocks ended the day with huge cuts with Opto Circuits, India Cements and IDBI bank being among the prominent losers.
Among non index stocks Wockhardt plunged 20 per cent in trade with only sellers in the counter, following FDA worries over its facilities.
Meanwhile, markets in Asia ended the day mixed with most of Europe trading in the green after strong PMI data from Germany. The German DAX, the French CAC and the UK's FTSE were trading higher.