The market was not seeing any signs of a recovery though European markets bounced back after initial sell-off. The 30-share BSE Sensex shed 241 points to 16,818 and the 50-share NSE Nifty lost 72 points to 5,064.
Selling pressure was seen in technology and financial stocks. TCS and Infosys plunged 4% each. Meanwhile HDFC, SBI and HDFC Bank lost 3% each.
Shares of India's largest commercial vehicle maker Tata Motors were butchered after disappointing quarterly numbers. Even foreign market research firm CLSA downgraded the stock to underperform. The stock fell nearly 6%.
Heavyweights Reliance Industries and NTPC too were down nearly 0.7%.
However, Hero Motocorp turned big gainer on Nifty, with rising 2.6%. JSPL, Cairn, GAIL, M&M and Power Grid were up 1-2%. ONGC moved up close to 1%.
About 542 shares advanced as against 743 shares declined on National Stock Exchange.
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