Benchmark indices hit their lowest levels since June 2, 2014, as investors continued to hammer down stocks.
Today, it was the turn of heavyweight index stocks, Reliance, which has supported the market in the last few trading sessions to drag the indices lower. The stock ended almost 4 per cent lower ahead of its results on Tuesday.
The Sensex ended the day lower by 266 points, while the Nifty was down 86 points in trade.
ONGC was the big casualty in trade today, as crude oil prices slumped to a new 12 year low in trade. The exploration major crashed 2 per cent in trade. Bharti Airtel and Dr Reddy's Labs were also weak among the Nifty stocks.
Banking stocks attempted a recovery in trade after the relentless hammering seen last week. Axis Bank and State Bank of India lead gainers in trade. However, Kotak Mahindra Bank ended the day lower, despite reporting a good set of results.
IT stocks ended the day steady with TCS seeing some buying support after the stock was upgraded by a leading brokerage firm.
The big damage to the market today was once again in the mid cap stocks. Tata Global dropped 4 per cent in trade, while Adani Power was down almost 8 per cent trade. Several other prominent stocks lost 2-3 per cent. However, Karnataka Bank was the biggest gainer from the space jumping as much as 4 per cent.
Meanwhile, markets across Asia ended the day with losses, following poor cues from the US last week. However, the Shanghai Composite managed to buck the trend and end the day with gains.