Benchmark indices dropped in trade, as global mayhem led by sharp declines in European and US indices on Monday, saw severe price damage in frontline names.
European markets saw cuts of more than 3 per cent on Monday, with US Markets closing sharply lower, as recession worries and lower growth continued to haunt markets around the globe.
The drop in IT stocks was on poor guidance given by Cognizant for calendar year 2016. Midcap stocks also saw deep cuts with Hindustan Zinc down 3 per cent, while other notable losers were Ajanta Pharma and Just Dial.
Shares in Punjab National Bank were trading lower ahead of its results to be declared later today. The stock was down 1 per cent in trade.
Tata Motors declined deposits the company reporting its best ever JLR numbers. This was largely to do with weak sentiments rather than sales figures at the company.
Meanwhile, the Japanese Nikkei was trading with huge cuts, following the losses in US and Europe. The index was down almost 5 per cent in trade.