The Sensex closed 1,011-points lower to end the day at 30,636-marks, while the NSE Nifty declined by 280 points to close at 8,981 mark for the day.
Banking stocks hard hit with IndusInd Bank being the top loser from the Nifty falling near 12 per cent. Other major banking stocks such as ICICI Bank and Axis Bank also slipped heavily.
Metal stocks too weighed on the sentiment, down more than 5-percent each. Nifty IT slipped over 3.5-percent, while Nifty Energy lost over 2-percent.
Among stocks, DrReddys Lab, Bharti Airtel, Bharti Infratel, Hero MotoCorp, and Britannia Industries were the major gainers, while IndusInd Bank, Bajaj Finance, ICICI Bank, and Hindalco led the losses.Get more information on Best Stock Tips and Best intraday Nifty tips visit our website.
OMC stocks dropped due to the massive oil plunge overnight. Oil and Natural Gas Corp fell the most, down 7 percent, while Hindustan Petroleum, Indian Oil Corp, and GAIL India shed over 5-pc each.
IT stocks were also weak, after US President Trump said he would for the time being suspend immigration to the US, on account of the COVID outbreak. Infosys lost 3-pc, while TCS lost 4-pc in trade.