New Delhi: The markets could not hold on to the gains, which it made in the previous trading session and closed down again.
The Sensex was down by over 250 points and the Nifty lost more than 80 points.
The Sensex was down 2.3 per cent or 250 points to close at 10,573.15.
The NSE Nifty closed at 3116 down 84 points.
The BSE Midcap was down 0.4 per cent at 5,082.36
The BSE Smallcap was down 0.38 per cent at 6,455.72
Scrips from oil & gas, metal, IT, capital goods and auto sector witnessed heavy selling.
ONGC, Tata Power, HDFC, HDFC Bank, M&M, NALCO, Tata Steel, SAIL and Zee were among the major losers on the bourses.
The metal index lost 3.6 per cent to close at 8,369.63. Stocks like Tata Steel, SAIL, Sterlite Ind, Sesa Goa, Hindalco, Nalco and Jindal Steel witnessed heavy selling.
The oil & gas index lost 3.4 per cent to close at 5,095.70.
Other stocks, including BPCL, ONGC, Petronet LNG, GAIL, Reliance and Kochi Refinery closed lower.
Auto stocks like Mahindra and Mahindra, Maruti Udyog, Hind Motors, Bajaj Auto and MRF ended in red.
The auto index slipped 2.8 per cent to close at 4,840.81.
The capital goods index was down 2.6 per cent to close at 7,436.18. Stocks like Bharat Electronics, Siemens, Praj Industries, Carborundum and L&T dragged.
FMCG stocks like Shaw Wallace, HLL, Britannia and McDowell witnessed selling pressure. The FMCG index was down 2.5 per cent at 1,935.22
The IT index slipped 1.56 per cent to close at 3,616.72. Technology stocks like Wipro, Moser Baer, Infosys, TCS and Mphasis BFL tumbled.
The bankex moved down 0.56 per cent to close at 4,972.73.
However select consumer durables and pharma stocks gained on the bourses.
TheNSE cash turnover was Rs 9192.76 crore. The NSE F&O turnover stood at Rs 40121.22 crore and the BSE cash turnover was Rs 3739.94 crore.
Total market turnover was Rs 53053.92 crore Versus Rs 45387.07 crore on Tuesday.
Market summary:
* Markets slip during later part of the day due to profit booking
* Sensex down 2.3 per cent or 250 points at 10573.15
* Nifty loses 2.62 per cent or 83.80 poinst at 3115.55
* BSE Oil & Gas Index down 3.4 per cent; RIL down 3.1 per cent
* ONGC down 5.9 per cent; Govt not to extend Subri Raha's term
* BSE Metal Index down 3.6 per cent; TISCO down 5.6 per cent, SAIL down 3.8 per cent
* BSE Auto Index down 2.8 per cent; M&M down 6 per cent, Maruti down 5.2 per cent
* CNX Midcap Index down 1 per cent at 4388.25
* Century Textile, Bombay Dyeing down over 6 per cent each
* NSE Advance-Decline ratio turns in favour of declines
* Marketwide Rollover at 49.5 per cent; Nifty rollover at 52 per cent
According to experts, emerging markets have seen a brutal correction in the last two weeks.
If one looks at the emerging markets across the globe, from May 11 to May 23, the Sensex saw a decline of around 12.97 per cent, whereas the Nifty saw a decline of 13.56 per cent.
The Indonesian market saw a drop of 13.85 per cent, Brazilian market was down 12.59 per cent and Mexico down by 11.07 per cent.
The Hong Kong market saw a decline of 7.45 per cent, while the Korean market dropped 9.2 per cent.
The Russian market saw the largest decline of 24.22 per cent, while Shanghai Composite Index, was the only one that saw positive gains during this period, it was up 4.37 per cent.
Over the last two weeks emerging markets have witnessed slowdown of inflows.
CNBC-TV18 has learnt from EPFR that the inflows have slowed down to $43 million for the week ending May 17 Vs $2.8 billion in the previous week.
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