The Indian Equity benchmarks experienced a sharp fall in the last 30 minutes of market trade. The fresh low for 2018 was caused by the weak bank and IT shares.

The S&P BSE Sensex fell by 703 points to 33,357 and NSE Nifty 50 index fell by 189 points to 10,252 from their intraday highs.

All sectors were trading low as per data compiled by NSE and were dragged down by Nifty PSU Bank index's 2.3% drop.

The market has been falling for five straight days to hit its new 2018 low.