The Sensex and the Nifty were trading sharply lower in an almost 5 per cent fall in the last few days. The Sensex was last trading at 27,040 points down 280 points over Monday's close. With this the Sensex has now lost almost 1800 points in the last few trading sessions.
Leading the set of losers were the metal stocks with Hindalco losing a huge 6 per cent, followed by stocks like Jindal Steel and Sesa Sterlite.
PSU banking stocks also dropped with notable losers being Syndicate Bank and IDBI Bank. SpiceJet tanked 15 per cent on reports of the COO Sanjiv Kapoor saying no financial plan has been submitted to DGCA on Monday.
Jaiprakash Associates fell on reports that the company has delayed repayment of fixed deposits to investors. The stock was down almost 5 per cent in trade.
Cairn India once again hit a 52-week low on falling crude prices.
Meanwhile, most of the Asian markets were trading sharply lower led by losses in the Jakarta Composite and the Japanese Nikkei.