The Sensex and the Nifty opened the day sharply lower with the Sensex trading 300 points lower, while the Nifty drifted 83 points to trade at 8157 points in early morning trade. The Sensex was trading convincingly below the 27,000 points mark at 26,952 points.
Most of the blue chip stocks lost more than one per cent in trade including TCS, Infosys and Hindustan Unilever.
Shares in Axis Bank jumped three per cent in trade after a staggering rally see on Wednesday. Other private sector banking stocks were weak including the likes of Indusind Bank and Kotak Mahindra Bank.
Reliance Industries and BPCL also managed to lend some support to the market. Shares in Biocon were trading flat ahead of its results to be declared later today.
Clearly, it was the IT index that pushed stocks lower with Infosys, TCS, Wipro all losing heavy ground. Hexaware fell a huge 7 per cent in trade.
Today's fall was also on account of weakish sentiments that prevailed in the global markets. The Dow Jones fell on weak GDP data that came in lower than expected.