The Sensex was seeing one of its worst days in recent times as global markets sank on fears of a Chinese slowdown.
The Shanghai Composite fell a huge 8 per cent in trade, while the Hang Sang fell 4.67 per cent (Hong Kong), the Taiwan Weighted fell 6 per cent and the Jakarta Composite (Indonesia) was down more than 4 per cent.
The Nifty was trading with huge losses of 282 points, while the Sensex was trading with losses of 821 points at 8624 points.
All of the Sensex stocks were trading deep in the red with top losers being from the metal space. Vedanta, Tata Steel and Hindalco were among the top losers. There was no place to hide for investors as Banking, IT and FMCG stocks also saw sharp falls.
The carnage spread to mid cap stocks with Eicher Motors down 6 per cent, India Bulls Housing down 7 per cent and Voltas down a huge 6 per cent.
PSU Banking stocks were among the worst affected with stocks like Canara Bank, Syndicate Bank and State Bank of India seeing huge falls.
Indian Oil, which has a stake sale by the government today at Rs 287 was trading lower by 3 per cent. This was despite a sharp drop in crude prices by 2 per cent.
IT stocks saw a limited downside as the rupee was down almost 64 paise against the dollar in early trade.
Dealers say the carnage may continue for some more days until the global markets stabilize. Meanwhile, the rupee fell a huge 64 paise and was last trading at 66.43 to the dollar. Check rupee rates