Benchmark indices fell for the sixth trading session in seven, as global markets continued to see selling pressure as crude oil prices plunged with WTI last trading at $31 a barrel.
Asia closed lower with Japan leading the losses, while the Chinese Shanghai Composite managed to close the day marginally higher. Crude oil prices continued to slide with Brent now down 20 per cent since the start of the year.
Axis Bank was the biggest loser in trade, followed by Hindalco. ONGC, Cairn India and Oil India saw heavy losses, following a drop in crude prices.
NTPC, Sun Pharma, Mahindra and Mahindra and Wipro were the select stocks that gained ground in trade. TCS was down ahead of its results to be declared later today. Worries over the company's quarterly numbers also dragged other IT stocks like HCL Tech and Infosys lower.
Midcap stocks saw even bigger losses with the index closing down nearly one per cent. J P Associates was the biggest loser from the space dropping as much as 4 per cent.
Meanwhile, markets across Asia ended the day mixed, while Europe was trading with gains.