The Sensex has tanked 976 points (10%) to 8,795.
Hindalco has slumped 18.5% to Rs 43, and Ranbaxy has tumbled nearly 18% to Rs 189.
ONGC has plunged over 16% to Rs 651. Sterlite, Tata Motors, Tata Steel and Mahindra & Mahindra have crashed around 14% each to Rs 211, Rs 167, Rs 179 and Rs 295, respectively.
DLF, Reliance, Reliance Communications and Reliance Infrastructure have shed around 13% each at Rs 232, Rs 1,054, Rs 200 and Rs 391, respectively.
SBI and ICICI Bank dropped over 12% each to Rs 1,160 and Rs 321, respectively.
HDFC Bank and Maruti have slipped 11.7% each to Rs 946 and Rs 523, respectively.
Tata Power, Jaiprakash Associates, HDFC and Wipro are down around 10% each.
Updated at 1350 hrs
The Sensex has once again slipped below the 9,000-mark, and is now down 822 points at 8,949.
Updated at 1300 hrs
The uncertainty in Dalal street is likely to linger further as the markets today gave a thumbs down to the Reserve Bank of India's mid-term credit policy and investors would adopt a cautious approach following weak global cues, analysts say.
Ahead of the credit policy markets were down by 400 points and after RBI announced the credit policy, it went into a downward spiral falling by another 337 points to below 9,000-points mark, a level last seen in July 2006.
The Sensex is now down 663 points at 9,104.
"Market has given a thumbs down to the credit policy. Markets are very nervous at the moment besides the global cues are also very week which will add on to the volatility," Kejriwal Research and Investment Services (KRIS) official Arun Kejriwal said.
RBI today kept its key rates unchanged in the mid-term review of annual monetary policy and lowered economic growth projections to 7.5-8 per cent for 2008-09.
"The policy is more of neutral in nature as RBI is now waiting to see how the measures it had underataken through CRR and repo rate cut effects the market. Besides, the domestic bourses is also taking cues from the global uncertainty," brokerage firm SMC Global Vice President Rajesh Jain said.
The fall in the market was widespread as all sectors were trading in the negative territory with Metal witnessing the maximum decline of nearly 10.28 per cent. Other major sector losers were - Realty (down 8.13 per cent), Health Care (down 7.19 per cent), Auto (7.49 per cent), Power (7.66 per cent) and PSU was down 7.57 per cent. Banking index, which was down 4 per cent ahead of the monitory policy review, fell further and was down 8.06 per cent.
INDEX SHAKERS...
Hindalco has slumped over 20% to Rs 42. Mahindra & Mahindra has carshed 13.5% to Rs 296.
Tata Motors has tumbled over 12% to Rs 171. Tata Steel and Ranbaxy have plunged around 11.5% each to Rs 184 and Rs 204, respectively.
Reliance Infrastructure has cracked over 11% to Rs 398, and ONGC has shed 10.5% at Rs 695.
Sterlite has slipped nearly 10% to Rs 221. Reliance Communications, SBI and HDFC are down around 9% each to Rs 208, Rs 1,203 and Rs 1,602, respectively.
ACC and Tata Power have declined 8.8% each to Rs 404 and Rs 665, respectively.
Bharti Airtel, Jaiprakash Associates and DLF are down around 8% each at Rs 565, Rs 62 and Rs 247, respectively.
The market breadth is extremely negative - out of 2,443 stocks traded so far, 2,053 have declined, 338 have advanced and 42 are unchanged.
