The markets completely smashed out for the second straight session due to heavy selling pressure in realty, metal, oil & gas, FMCG, technology and banking stocks in the second half of session and ended last day of the week on a weaker note. The Nifty breached psychological level of 5000 and then 4950 as well in late trade but managed to close above 4950. The Sensex continued to trade below 17000 levels. Midcap and small cap stocks also hammered a lot. Market breadth was very weak.

Markets had opened on a positive note in the morning after yesterday's free fall, remained choppy in the middle of the day but heavy selling pressure across the sectors dragged the markets sharply lower and lower in late trade.

The Sensex closed the day at 16,649.64, down 1.52% or 257.47 points after hitting an intraday high of 17,054.34 and low of 16,626.11. The Nifty touched a high/low of 5059.05 and 4940.70 before finishing at 4946.55, down 78.9 points or 1.57%.

The BSE Midcap slipped 1.59% at 6,937.11 and Small cap down 1.69% at 8,517.43. Amongst midcap space, MIC Electronics, Geojit Financial, Deccan Aviation, GVK Power, Nat Fert, Core Projects, Guj Ind Power and BF Utilities cracked over 5%. Small cap stocks like Tamilnadu Petro, Shree Digvijay, Cambridge Sol, Hatsun Agro, Dolphin Offshore, India Glycols, Apar Ind, Sunflag Iron and Pricol slipped over 6-9%.

Biggest underperformer of the day was Realty Index, which collapsed 2.38% to settle at 7,510.14 due to selling in Indiabulls Real, Parsvnath, Peninsula Land, Ansal Properties, HDIL, Omaxe, Unitech and DLF.

FMCG stocks like ITC, Dabur, United Breweries, Tata Tea, GlaxoSmith Cons crumpled . The BSE FMCG Index closed at 2,387.47, down 2.15%.

Oil stocks including Cairn India, RNRL, Essar Oil, ONGC, Reliance, Petronet LNG and GAIL remained under pressure. The BSE Oil & Gas Index fell 2.15% at 10,975.26.

BSE Metal Index lost 2.08% at 16,795.80 as metal stocks like Hind Zinc, Sterlite Ind, Ispat Industries, Jindal Saw, Hindalco, JindalStainless, Guj NRE Coke, Jindal Steel, SAIL and Tata Steel lost shine.

Technology shares like Aptech, i-Flex Solution, TCS, Infosys, Tech Mahindra, Wipro, Satyam and MphasiS also got crushed. The BSE IT Index tanked 1.75% at 4,340.98.

Bankex slipped 1.72% at 8,232.16 due to losing banking counters like PNB, Union Bank, Federal Bank, Axis Bank, IOB, SBI and Kotak Mahindra and ICICI Bank.

Auto stocks including TVS Motor, Tata Motors, Hind Motors, Escorts, Ashok Leyland, Maruti and MRF have lost the road, which dragged the index down by 1.39% at 4,619.90.

Selling was also seen capital goods stocks like  Kirloskar Bros, Astra Microwave, Rel Ind Infra, Praj Industries, Bharat Bijlee, L&T, Kalpataru Power, BEML and BHEL, due to which BSE Capital Goods Index ended at 13,192.42, down 1.12%.

BSE Power Index lost 0.93% at 3,202.79 as selling in GVK Power, GMR Infra, Torrent Power, Tata Power, Reliance Infra, Power Grid Corp and NTPC.

Total turnover witnessed by the markets stood at Rs 59391.99 crore including Rs 12705.65 crore from NSE Cash segment, Rs 41317.97 crore from NSE F&O and the balance Rs 5368.37 crore from BSE Cash segment.

On the weekly basis, the Sensex was down 4.5% and the Nifty down 4.1%. Major Nifty losers were PNB (-10%), SAIL (-7%), Reliance Comm and L&T down (-5%) each. BSE Bankex was the worst performer, down 7.8% led by Axis Bank (-11%), SBI (-7.5%) and ICICI Bank (-8%).

Asian markets were trading mixed. Nikkei 225 Average was up 0.72% or 100.08 points at 14,078.54. Jakarta Composite rose 0.27% or 6.86 points at 2,510.81. Straits Times gained 0.42% or 13.31 points at 3,174.17. Seoul Composite was up 0.10% or 1.92 points at 1,837.34. However, Shanghai Composite lost 30.70 points or 0.88% at 3,454.93. Hang Seng was down 60.17 points or 0.24% at 24,982.95. Taiwan Weighted lost 1.23% or 100.58 points at 8,897.45.