A day after the Supreme Court cancelled all coal blocks allocated between 1993 and 2011, the benchmark index of Indian equities markets Thursday closed 276.33 points or 1.03 percent down as bank, metal and energy sector stocks tanked.
This is the third straight session of loss-making for the market. It had shed 31 points Wednesday and 430 points Tuesday, as foreign investors continue to pull back.
According to the National Securities Depository Limited (NSDL), foreign portfolio investors (FPI) Thursday sold shares worth $112.91 million or Rs.689.07 crore.
The foreign institutional investors (FIIs) along with sub-accounts and qualified foreign investors have been clubbed together by market regulator Securities and Exchange Board of India (SEBI) to create a new investor category called FPIs.
However, healthy buying was observed in information technology (IT), technology, entertainment and media (teck) and healthcare sector.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,808.66 points, closed at 26,468.36 points, down 276.33 points or 1.03 percent from the previous day's close at 26,744.69 points.
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The Sensex touched a high of 26,814.20 points and a low of 26,349.55 points in the trade.
The S&P BSE bankex plunged by 484.14 points, metal index dropped by 351.55 points, oil and gas index slid by 333.85 points, auto index fell by 173.15 points and capital goods index went down by 275.98 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed lower -- down by 90.55 points or 1.13 percent at 7,911.85 points.
The major Sensex gainers were: DrReddy, up 2.52 percent at Rs.3,313.85; Tata Consultancy Services (TCS), up 2.43 percent at Rs.2,707.65; Gail, up 2.22 percent at Rs.452.80; Cipla, up 1.33 percent at Rs.608.35; and Infosys, up 1.21 percent at Rs.3,693.65.
The losers were: Axis Bank, down 4.64 percent at Rs.378.35; State Bank of India, down 4.38 percent at Rs.2,378.35; Hindalco Inds, down 4.32 percent at Rs.149.55; BHEL, down 4.10 percent at Rs.203.30; and Reliance Industries, down 3.68 percent at Rs.929.40.
Among the Asian markets, Japan's Nikkei closed 1.28 percent up. China's Shanghai Composite Index was marginally higher by 0.07 percent, but Hong Kong's Hang Seng lost 0.64 percent.
In Europe, London's FTSE 100 was trading 0.08 percent down. However, Germany's DAX Index was up by 0.44 percent, and the French CAC 40 Index was higher by 0.28 percent at the closing bell here.