The markets witnessed huge selling pressure in late trade due to big weakness in oil & gas, realty, banking, capital goods and power stocks. The Sensex and Nifty breached their psychological levels i.e. 17000 and 5000, respectively. Heavyweights like Reliance Petro, Reliance Infra, Reliance and JP Associates were biggest losers.

Market breadth was pathetic, nearly 1:5. Midcap and small cap stocks also hammered. On the global front, Asian markets ended lower. European markets were trading weak, at the time of writing report.

Top midcap losers were Spice Comm, Bombay Dyeing, Chennai Petro, Moser Baer, Nagarjuna Fert, HCC and Essar Shipping

Biggest draggers were Oil and gas stocks like Essar Oil, Reliance Natural, Reliance Industries, Petronet LNG, GAIL and BPCL. The BSE Oil & Gas Index slipped 4.71% or 547.57 points at 11,080.88 (touched an intraday low of 11,020.43). The Nymex crude has hit USD 124.58 per barrel in the morning.

Realty stocks also collapsed like pack of card. The BSE Realty Index fell 2.95% or 239.60 points at 7,891.10 as selling pressure seen in HDIL, Puravankara Pro, Unitech, Omaxe, Ansal Properties, Parsvnath, Sobha Developers, Akruti City and DLF.

Banking stocks including Kotak Mahindra Bank, Yes Bank, PNB, SBI, HDFC Bank, Axis Bank, Bank of Baroda and ICICI Bank have lost money, which pulled the BSE Bankex down by 2.78% or 243.83 points at 8,511.65.
 
The BSE Capital Goods Index cracked 1.99% at 13,109.36 due to weakness in Astra Microwave, Triveni Engg, Kirloskar Bros, Punj Lloyd, Suzlon Energy, BHEL, L&T and BEML.

Power stocks like Reliance Petro, GMR Infra, Torrent Power, GVK Power, Areva T&D, Reliance Power, Power Grid Corp and NTPC have lost battery. The BSE Power Index fell 1.99% at 3,199.06.

The BSE Healthcare Index was also down 1.62% at 4,152.97 as pharma stocks including Divis Labs, Dr Reddys Labs, Aurobindo Pharm, Panacea Biotech, Dishman Pharma and Cipla crushed.

Technology stocks continued with bloodbath, BSE IT Index down 1.38% at 4,235.24 due to selling pressure in Mphasis, Tech Mahindra, TCS, Infosys, HCL Tech and Patni Computer. The Indian Rupee appreciated to 41.44 per dollar in the afternoon, at the time of writing report, trading at 41.66 per dollar.
  
Metal stocks like Jindal Steel, Ispat Industries, Hind Zinc, Hindalco, Tata Steel and NALCO have lost the shine. The BSE Metal Index closed at 15,610.69, down 1.47% over previous close.

Auto stocks including Apollo Tyres, Hind Motors, Ashok Leyland, Cummins, Punj Tractors, TVS Motor and Amtek Auto have slaughtered. The BSE Auto Index finished at 4,723.87, down 0.90%.

However, FMCG stocks ended with sweet gains, which includes Nestle, P and G, ITC, Marico, Godrej Consumer and Britannia. The BSE FMCG Index gained 0.55% to close at 2,458.66.

Asian markets were trading lower. Shanghai Composite was down 1.93% or 70.58 points at 3,586.26. Hang Seng fell 1.81% or 459.59 points at 24,990.20. Nikkei 225 Average fell 1.52% or 212.51 points at 13,730.75. Straits Times was down 0.36% or 11.38 points at 3,160.50. Seoul Composite lost 1.21% or 22.31 points at 1,825.69. Taiwan Weighted was down 0.11% or 9.4 points at 8,857.22.