Benchmark indices ended the day sharply lower giving up all gains seen on Wednesday as sustained selling pressure in banking stocks and auoto stocks pushed indices lower.
The Sensex ended the day sharply lower by 478 points, while the Nifty fell 159 points in trade below the 8000 points mark. Banking stocks like Axis Bank, ICICI Bank, State Bank of India and HDFC Bank were all weak in trade.
Software stocks also saw cuts with Infosys and Wipro among the losers. Bhel which had rallied significantly in trade on Wednesday gave up most gains.
Tata Motors, Wipro and Reliance were the top losers in trade from the NIfty stocks. AstraZeneca Pharma hit the upper end of the circuit filter and was up 20 per cent in trade after reports that the company had launched FORXIGA (dapaglifozin), a treatment for Type 2 diabetes mellitus.
Aluminium major Nalco also had a good session ending 4 per cent higher after Credit Suisse initiated assigned an outperform rating and a target price of Rs 57 on the shares.
Torrent Power also saw gains after shareholder nod for amalgamation of Torrent Energy and Torrent Cables with company.
Mid cap stocks also saw some selling pressure with Sun TV, Unitech and Voltas seeing some pressure in trade.
Meanwhile, most of Asia ended the day with sharp gains led by the Japanese Nikkei and the Singapore's Strait Times.