The Sensex ended the day lower by 380 points (provisional), while the Nifty crashed 122.35 points in trade. Among the top losers from the Nifty were banking stocks which fell on fears that profitability might be eroded, following the RBI repo rate hike.
Banking stocks that were hit badly in trade were Yes Bank, which lost 7%, while ICICI Bank and Axis Bank and IndusInd Bank all lost more then 5%.
PSU banking stocks were also not spared with notable losers from the space being Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Punjab National Bank, Bank of Baroda and Syndicate Bank.
Among other stocks that fell from the Nifty were DLF, BPCL, Jaiprakash Associates, Maruti Suzuki, ONGC, BHEL and Larsen and Toubro.
The one sector that showed resilence in trade today was the IT sector as investors once again took shelter in defensives. Infosys, Wipro, TCS and HCL Tech were among the gainers in trade.
Apart from IT, the stocks that saw some gains were Coal India, hero Motor Corp, Hindalco and Sesa Goa.
Mid Cap stocks also saw some heavy selling pressure with notable losers from the space being Crompton Greaves, Punj Lloyd and Syndicate Bank.
Dr Reddy's ended the day marginally lower after reports that the US-based Genzyme Corp files patent infringement suit against company.
Meanwhile, markets in Asia ended the day mixed with the Shanghai Composite and the Singapore Strait Times rallying, while Hong Kong's Hang Sang and Indonesia's Jakarta Composite fell.