The BSE Sensex on Wednesday fell 219 points and ended below 15,000 due to weak European cues amid encouraging first-quarter corporate earnings.
Wiping out initial sharp gains of nearly 307 points, the Bombay Stock Exchange 30-share barometer turned negative and settled the day at 14,843.12, netting a loss of 219.37 points or 1.46 per cent from previous close.
Good first-quarter results by India's electric equipment maker BHEL and the third-largest software exporter Wipro did not impact the market.
IT major Wipro reported 11.86 per cent increase in consolidated net profit at Rs 1,015.50 crore (Rs 10.15 billion) for the first quarter ended June 30, 2009.
European markets and US index futures were trading in the red this afternoon, adversely affecting market sentiment.
Investors preferred to book profits at higher levels as the market surged sharply over the last five days.
The Sensex rose from the intra-day low of 13,219.99 on July 13 to 15,191 on July 20, registering a rise of about 2,000 points or 15 per cent in five days after over 100 companies reported significant growth in Q1 net profits.
Foreign institutional investors too were net sellers to the tune of Rs 250.86 crore (Rs 2.5 billion) in equity on the BSE and NSE on July 21, according to provisional data.
The 50-issue Nifty of the National Stock Exchange also dropped 70.20 points or 1.57 per cent to close at 4,398.90 from its last close.
Selling was so strong that all sectoral indices ended in the red, between 1.87 per cent and 0.08 per cent. Capital goods led the fall followed by auto, power, IT and metals.
Among the sectoral indices, capital goods slumped 231.60 points or 1.87 per cent, auto 83.16 points 1.61 per cent, power 45.31 points or 1.60 per cent, IT by 59.04 or 1.60 per cent, metals 166.40 or 1.45 per cent and the Bankex 103.06 points or 1.23 per cent.
India's second-largest private sector, HDFC, tumbled 4.43 per cent followed by Hindalco (3.44 per cent), REL Infra (3.36 per cent), Grasim (3.32 per cent), and Tata Steel (3.27 per cent).
However, ONGC rose by 4.60 per cent.
The total market breadth remained negative with 1,374 losing ground against 1,231 ending with gains on the BSE.
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