The market continued to slide over a percent in the afternoon trade after the continuous drag in private banking and financials, pharma, technology, oil and infra stocks.
The Sensex fell 316.19 points trading at 25,949.05 and the Nifty on the other hand declined 98.85 points or 1.24 percent to 7,855.45.
The market breadth was weak due to the Bihar Assembly polls expecting a positive outcome, but what has come as a surprise is the extent of how the BJP faced a humiliating defeat in the state.
Going ahead, the market experts believe that in the consumption space, more likely the auto sector will recover first as the economy proceeds towards the recovery phase.
Auto stocks remained in focus as Tata Motors and Maruti Suzuki rallied 2 percent each. Sun Pharma topped selling list on Sensex, down 5.5 percent followed by Dr Reddy's Labs with 3.5 percent loss.
