After dropping to below 15,600 levels on the Nifty, markets at the later part staged some recovery but still under 15,650 levels. Broader markets fell even more dramatically with a drag of over 1.5% on the Nifty Midcap 100.
At the close Sensex went lower to 52,198.5, down 355 points, while Nifty also saw a fall of 120 points to 15,632.
Among sectoral indices, there was a sea of red with Nifty FMCG being the only exception. The maximum drag was on the Realty, Metals and PSU Banking pack, while others Nifty sectoral indices also were down between 0.09-2%.
Top Nifty gainers have been Asian Paints, UltraTech Cement, HUL, Maruti Suzuki and Grasim, while laggards include stocks like Hindalco, IndusInd Bank, UPL, Tata Steel and NTPC.
ACC posted a good quarterly set of numbers which also fuelled the rally in other cement stocks.
Asian Paints also posted its Q1 results whereby its PAT registered a jump of 161% year-on-year.
Meanwhile, European indices traded higher after the previous day's carnage with all the major indices trading higher. The gains came after the Swiss major UBS posted strong quarterly business update.