The sell-off across sectors has pushed the equity benchmarks further down. The 50-share NSE Niftyplunged 100 points to 5,033 and the 30-share BSESensex lost 328 points to 16,737.
Federal Reserve flagged "significant downside risks" to the economy on the last day of FOMC meeting yesterday. Also, Moody's Investors Service cut debt ratings on financial companies like Bank of America, Wells Fargo, and Citi.
Asian markets were witnessing heavy sell-off. Hang Seng crashed 4%. Kospi and Taiwan lost 3% each. Nikkei slipped 2%. Shanghai and Straits Times were down 1.7% each.
Sharp fall in European futures too were pointing weak start to the European opening; France's CAC, Germany's DAX and Britain's FTSE were down 2-4%.
On the home turf, the BSE Realty, Metal, Auto, Bank and Capital Goods indices fell 2-2.6%. Power, IT, Oil & Gas and FMCG indices dropped 1-1.6%.
Heavyweights Reliance Industries, Bharti, TCS, SBI, HDFC Bank, ICICI Bank and L&T plunged 2-3%. However, BPCL bucked the trend; gained 1.5% on fall in crude oil prices. Nymex Crude was trading around USD 84 a barrel.
Market breadth too worsened; about five shares declined for every share gaining.
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