The markets could not hold on to the gains, which it made in the previous trading session and closed in the red again.
The Sensex was down 2.3% or 250 points to close at 10,573.15. The NSE Nifty closed at 3116 down 84 points.
The BSE Midcap was down 0.4% at 5,082.36. The BSE Smallcap was down 0.38% at 6,455.72
Scrips from oil & gas, metal, IT, capital goods and auto sector witnessed heavy selling.
ONGC, Tata Power, HDFC, HDFC Bank, M&M, NALCO, Tata Steel, SAIL and Zee were among the major losers on the bourses.
The metal index lost 3.6% to close at 8,369.63. Stocks like Tata Steel, SAIL, Sterlite Ind, Sesa Goa, Hindalco, Nalco and Jindal Steel witnessed heavy selling.
The oil & gas index lost 3.4% to close at 5,095.70. Stock including BPCL, ONGC, Petronet LNG, GAIL, Reliance and Kochi Refinery closed lower.
Auto stocks like Mahindra and Mahindra, Maruti Udyog, Hind Motors, Bajaj Auto and MRF ended in red. The auto index slipped 2.8% to close at 4,840.81.
The capital goods index was down 2.6% to close at 7,436.18. Stocks like Bharat Electronics, Siemens, Praj Industries, Carborundum and L&T dragged.
FMCG stocks like Shaw Wallace, HLL, Britannia and McDowell witnessed selling pressure. The FMCG index was down 2.5% at 1,935.22
The IT index slipped 1.56% to close at 3,616.72. Technology stocks like Wipro, Moser Baer, Infosys, TCS and Mphasis BFL tumbled.
The bankex moved down 0.56% to close at 4,972.73.
However select consumer durables and pharma stocks gained on the bourses.
The NSE cash turnover was Rs 9192.76 crore (Rs 91.92 billion).
The NSE F&O turnover stood at Rs 40121.22 crore (Rs 401.21 billion) and the BSE cash turnover was Rs 3739.94 crore (Rs 37.39 billion). The total market turnover was Rs 53053.92 crore (Rs 530.53 billion) versus Rs 45387.07 crore (Rs 453.87 billion) on Tuesday.
Market summary
Markets slip during later part of the day due to profit booking
Sensex down 2.3% or 250 points at 10573.15
- Nifty loses 2.62% or 83.80 poinst at 3115.55
- BSE Oil & Gas Index down 3.4%; RIL down 3.1%
- ONGC down 5.9%; Govt not to extend Subir Raha's term
- BSE Metal Index down 3.6%; TISCO down 5.6%, SAIL down 3.8%
- BSE Auto Index down 2.8%; M&M down 6%, Maruti down 5.2%
- CNX Midcap Index down 1% at 4388.25
- Century Textile, Bombay Dyeing down over 6% each
- NSE Advance-Decline ratio turns in favour of declines
- Marketwide Rollover at 49.5%; Nifty rollover at 52%
According to experts, emerging markets have seen a brutal correction in the last two weeks. If one looks at the emerging markets across the globe, from May 11 to May 23, the Sensex saw a decline of around 12.97%, whereas the Nifty saw a decline of 13.56%.
The Indonesian market saw a drop of 13.85%, Brazilian market was down 12.59% and Mexico down by 11.07%. The Hong Kong market saw a decline of 7.45%, while the Korean market dropped 9.2%.
The Russian market saw the largest decline of 24.22%, while Shanghai Composite Index, was the only one that saw positive gains during this period, it was up 4.37%.
Over the last two weeks emerging markets have witnessed slowdown of inflows. CNBC-TV18 has learnt from EPFR that the inflows have slowed down to $43 million for the week ending May 17 Vs USD 2.8 billion in the previous week.
