The markets did not find any respite in the past one hour of trade, the Sensex has shed 195 points at 18,200, and the S&P CNX Nifty has slipped 45 points to 5466.
The Sensex touched its lowest in over 5 months at 18,038 in morning trades.
According to Deepak Singh Tanwar a Mumbai based technical analyst, "The fall has been very sharp in the last three trading sessions. While the outlook is negative a bounce is not ruled out. One should wait for fresh short positions. Nifty has good support around 5300".
Jaiprakash Associates was the top loser among the Sensex stocks, the stocks was down 4% at Rs 83. HDFC, Bharti Airtel, TCS, ITC, Sterlite Industries, Tata Power, HDFC Bank and Hero Honda were also among the losers, down 2.4-4% each.
On the other hand ONGC was the top gainer, the stock was trading higher by 5.4% at Rs 1197, the stock gained on back of better than expected quarterly numbers. Hinduatan Unilever, index heavyweight Reliance Industries, BHEL, Mahindra & Mahindra and Cipla were other notable gainers.
On the sectoral front BSE Teck, Realty and IT indices were the top losers down 2% each. FMCG, Bankex, Metal, Auto and Consumer Durable indices were also in the red. While Healthcare. Power and PSU indices which were in the negative zone rebounded into the green. Oil & Gas index was the top sectoral gainer up 1.6% or 155 points at 9522. Capital Goods index was also higher by 1.4% or 184 points at 13,283.
TCS was the top loser among the IT stocks followed by Core Projects, Mphasis, Infosys, Tech Mahindra and Oracle Financial Services Software. HDIL, Parsvanath Developers, Orbit Corp, Peninsula Land, Unitech, Sunteck Realty and Ackruti City were the top loser among the Realty stocks.
ONGC, GAIL, Oil India and Reliance Industries were the top losers on the oil & gas charts.
The broader markets were also trading in the red, the BSE mid-cap index was down 88 points or 1.2% at 6809 and the small-cap index was lower by 120 points at 8425.