Sensex fell for fourth day in a row while Nifty settled below its crucial psychological level of 8,500 for time in nearly four months on the back of a broad-based selloff.
Analysts say uncertainty over a tight US presidential election is weighing on the sentiment and investors are offloading risk assets like equities and resorting to gold as a safe haven bets and gold prices in international markets have been on an upward spiral.
Meanwhile, in today's session selling pressure was visible across the sectors. Oil & gas stocks were among the worst hit, the sub-index for oil & gas stocks fell nearly 2 per cent. Realty, IT, pharma, metal and banking indices also ended in the red.
From the Nifty basket of shares, 33 ended lower while 18 closed higher.
Adani Ports and SEZ was the top Nifty loser, down 4 per cent to Rs 288. ONGC, Grasim, Tata Steel, BPCL, Asian Paints, Wipro, Infosys, Tata Motors, State Bank of India, ICICI Bank and HDFC were also among the losers.
On the other hand, Hindalco was among the top Nifty gainers, the stock rose 4 per cent to close at Rs 162.80 on buzz that that the government may impose duty protection measures for the domestic aluminium sector.
Bharti Infratel, ACC, ITC, Hero MotoCorp, Ambuja Cement and HDFC Bank were also among the gainers.
The broader markets also witnessed selling pressure. The BSE mid-cap and small-cap indices fell over a per cent each.
2:47 p.m.: Oil & gas stocks among the worst hit in trades so far. The BSE Oil & Gas index falls 1.2 per cent; ONGC, Hindustan Petroleum, Petronet LNG, Bharat Petroleum, Indian Oil, Oil India and GAIL India were among the laggards.
2:14 p.m.: Selling pressure visible across the sectors. Oil & gas, realty, IT, pharma and consumer durable stocks among the worst hit.
1:34 p.m.: Stock markets came under renewed selling pressure in afternoon deals on the back of losses in oil & gas, IT and pharma shares. Sensex fell 34 points or 0.12 per cent to 27,493 and Nifty declined 8 points to 8,506.
12:51 p.m.: Shares of Hindalco surged as much as 6.32 per cent in an otherwise flat market to hit fresh 52-week high of Rs 166.40 on buzz that that the government may impose duty protection measures for the domestic aluminium sector.
Press Trust of India quoted Union Mines secretary Lavendar Kumar as saying, "We are working to provide safeguard duty protection for primary aluminium producers being hurt from dumping. We will decide (on the matter) soon, may be in two-three weeks."
12:25 p.m.: Indo Amines shares were locked in 20 per cent upper circuit at its 52-week high price of Rs 80.45 after the company post market hours on Wednesday announced that it has received approval for 10 specialty chemicals from US environment body.
Mumbai-based Indo Amines, which deals in the business of specialty chemicals, said that United States Environmental Protection Agency has approved sale of 10 products in the American market.
12:06 p.m.: Vikas WSP was the top gainer from the small-cap space, up 11 per cent at Rs 7.45. MCX, Plastiblends India, Sandur Manganese, Hikal Ltd, Premier Explosives, Punjab Chemicals and Radha Madhav Corporation were also among the gainers.
11:39 a.m.: SAIL, Berger Paints, M&M Financial Services, Ashok Leyland, NLC India, MRPL, Piramal Enterprises, Bharat Forge and Canara Bank were among the gainers from the mid-cap space.
11:00 a.m.: Market expert Rakesh Arora said there has been some positive surprises in India Inc's Q2 earnings. But he does not expect a big correction in Indian markets if global cues turn adverse. The domestic economy is starting to do better, he adds.
10:30 a.m.: Indian services activity surges in October: Nikkei/Markit Services Purchasing Managers Index at 54.5 in October vs 52 in September
10:00 a.m.: Expect Indian economy to improve, don't see a big correction in domestic markets, says market expert Rakesh Arora. He does not see a correction beyond 3-5 per cent in India markets if global cues turn adverse. India remains a buy-on-dips market, he adds.
9:40 a.m.: Buying also seen in midcap and smallcap stocks which suffered still losses in yesterday's selloff. Both BSE midcap and smallcap indices up around 0.60 per cent.
9:35 a.m.: IT stocks pare losses as buying emerges at lower levels, helping both Sensex and Nifty edge higher.
9:30 a.m.: ONGC, down 1.5%, is the biggest Nifty50 loser. Gaurang Shah of Geojit BNP Paribas says investors can buy the stock with a long-term horizon
9:25 a.m.: IT stocks weigh on the indices, with BSE IT index down around 0.50 per cent. TCS, Wipro and Infosys in the red.
9:20 a.m.: Indian markets opened weak today amid weak global markets. The Sensex fell over 50 points while the Nifty50 index breached the crucial 8500 level.
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