Benchmark indices hit the lowest level since May 12, 2014, as global indices continued to remain under selling pressure with most of the Asian markets trading with steep losses.
The Kospi which re-opened after three days of holiday was down 2.5 per cent, while the Hang Sang, which also opened after 3-days of holiday was down 4 per cent.
The Sensex was trading with losses of 117 points, while the Nifty fell 43 points in trade. Ambuja Cements which reported a poor set of numbers saw its share price slump by 2.3 per cent.
Tata Steel, Zee TV and PNB were the other major losers in trade. State Bank of India was trading marginally higher ahead of its results to be declared later today.
Tata Motors which was hammered on Wednesday, saw some buying support. The stock was up 2 per cent in a falling market.
Gail, Dr Reddy's and Bajaj Auto were the only other winners in trade. ACC, which reported a dismal set of numbers was also down 1 per cent.
Midcap stocks also saw some heavy selling pressure with stocks like Tata Global Beverages (down 4%) and Petronet LNG (3.42 per cent), among the big gainers in trade.
Meanwhile, markets across Asia were trading deep in the red with the Kospi down almost 2.2 per cent and the Hang Snag dropping 4 per cent. The Japanese markets were closed for a national holiday.