The key domestic benchmark indices continued to witness bloodbath during the late noon trading session with frontline gauges breaching their crucial levels on reports that market regulator Securities and Exchange Board of India (SEBI) may review the participatory notes (P-Notes) norms.
At 14:11 hours, the 30-share barometer, Sensex was trading at 27714.3 down by 400 points or by 1.42 per cent, while NSE Nifty was quoting 118 points lower at 8403.4.
Selling got intensified after the Supreme Court-appointed SIT last week suggested Sebi to come up with regulations on collection of beneficial ownership details of P-note holders to curb black money flow into Indian Equities.
In the bearish trade so-far, the BSE Sensex touched an intraday high of 28117.65 and an intraday low of 27655.74, while the NSE Nifty touched an intraday high of 8492.2 and an intraday low of 8387.75.
Further, the investors remained edgy as the panel headed by Justice AP Shah to examine the issue of levying minimum alternate tax (MAT) on foreign portfolio investors (FPIs), submitted its report to the government previous week.
Major laggards on the D-street included Tata Steel Ltd. (Rs. 252.75,-4.66%), Hero MotoCorp Ltd. (Rs. 2624.00,-4.17%), Hindalco Industries Ltd. (Rs. 104.65,-4.03%), Axis Bank Ltd. (Rs. 558.45,-3.87%), Bharti Airtel Ltd. (Rs. 418.20,-3.70%), among others.
However, feeble buying was witnessed in stocks including Bajaj Auto Ltd. (Rs. 2510.10,+0.51%), Cipla Ltd. (Rs. 679.90,+0.24%), NTPC Ltd. (Rs. 137.75,+0.18%), among others.
Among the sectors, all were bleeding in red with BSE Capital Goods and Metal indices losing over 2 per cent each.
On the global front, Asian markets ended the day in red as a commodity rout exasperated by heightened fears of a slowdown in China and gloomy earnings from technology giants forced investors to cut risky bets. Meanwhile, European counters were reeling under pressure as the IMF and European Commission has said that representatives of Greece's creditors will begin talks in Athens on a third bailout package to the debt-swamped Greek government.