Benchmark indices ended the day sharply lower, following a drop in crude prices, after Saudi Arabia's oil minister said that production cuts were not possible.
Leading the set of losers was Tata Motors, which dropped a huge 3 per cent. ONGC and Oil India fell following a drop in crude prices. ICICI Bank hit a new 52-week low on sustained selling pressure, while ITC fell ahead on worries that there would be fresh excise on cigarettes in the Union Budget.
Gains in some heavyweights like Reliance and Infosys managed to restrict the losses on the Sensex and the Nifty. Tata Motors DVR, which had rallied significantly following the announcement by IISL that it would be a part of the Nifty ended the day with losses on profit booking.
Select banking stocks like Axis Bank and State Bank of India managed to stay resilient in a falling market.
Mid cap stocks ended the day lower with stocks like GMR and IDBI Bank seeing a good rally in trade. Meanwhile, markets across Europe were trading with losses with the German DAX and the French CAC seeing cuts of almost 1 per cent.