Benchmark indices came crashing lower in trade as worries over a Greece exit from the Eurozone and sharply lower crude prices saw selling pressure across global markets.
It was one of the worst falls for the Indian markets since Sept 2013 and today's drop made it the worst performing market after Japan.
The Sensex ended the day lower by a whopping 854 points, while the Nifty dropped lower by 251 points. Leading the set of losses were banking stocks which saw heavy selling pressure with ICICI Bank, State Bank of India and other select banking stocks like Andhra Bank and IDBI Bank dropping sharply.
Among the stocks that managed to hold ground today was HPCL from the mid cap space which gained ground following a sharp drop in crude oil prices. Hindustan Zinc also managed to close the day higher. Sun TV and Arvind were the major losers from the mid cap space.
Meanwhile, the rupee managed to trade steady and its resilience took markets by surprise given the fact that the euro has been weak against the dollar.
Brent Crude slumped to a new low of close to $52 a barrel, which triggered the large scale losses across the globe. European stock markets managed to show some recovery in trade after having slumped more than 2 per cent on Monday.