Benchmark indices ended the day lower, as weak crude futures, which turned negative on Monday impacted global sentiments.
Global markets were extremely bearish with Asian markets seeing cuts of 2-3 per cent, while European markets were trading with cuts of more than 2 per cent. Dow Futures were pointing to at least a 1 per cent lower openings for the US markets.
On Monday, crude oil prices sank into negative, as investors sold heavily, as there was no place to store crude. The globe seems to be awash with crude oil. Rising COVID-19 cases, which surged past the 18,000 mark also left investors in India worried.
The Sensex crashed 1,011 points to end the day lower at 30,636 points, while the Nifty fell below the 9,000 points mark to end the day at 8,981 points - drop of 280 points.
Banking stocks were the big losers in trade with IndusInd Bank being the top loser from the Nifty shedding almost 12 per cent. Other banking heavyweights like ICICI Bank and Axis Bank also lost heavy ground.
Shriram Transport Finance was amongst the worst performers from the Nifty 500 stocks, dropping as much as 14 per cent. MCX was another stock that was badly battered and dropped as much as 10 per cent in trade.
IT stocks were also weak, after US President Donald Trump said he would temporarily suspend immigration to the US, due to the Coronavirus outbreak. Infosys lost as much as 3 per cent, while TCS lost 4 per cent in trade.
Meanwhile, the rupee ended lower for the second straight day, ending near its all-time low of 76.86 against the U.S. Dollar.