Benchmark indices ended the day sharply lower, as persistent selling by Foreign Portfolio Investors had an adverse impact on the market. The Sensex ended the day lower by 385 points, while the Nifty dropped lower by a huge 145 points.
Asian markets had a relatively quiet day in trade. The biggest losers in trade were the PSU banking stocks, which saw sharp declines. State Bank of India lost as much as 5 per cent, while another PSU banking heavyweight, Bank of Baroda slumped as much as 7 per cent in trade.
Despite the sharp declines in stocks, the one sector that managed to stand-out was the IT sector, thanks to the sharp drop in the rupee. Wipro and TCS were among the gainers from the space.
Shares in Shalimar Paints fell, after reports of fire at the plant of the company. The stock dropped as much as 11 per cent in trade. Among the other non index stocks that gained was Mawana Sugars, which rallied as much as 13 per cent after reports that the company plans to sell operating unit at Titawi, UP to Indian Potash for Rs 375 crore.
Meanwhile, the rupee managed to show some modest gains and was trading at 68.11 to the dollar.