As selling pressure gathered force amid growing concerns about the global economic outlook, the market, which faltered after a modest recovery this morning, plunged deeper into the red in afternoon trade.
Power, realty, metal and capital goods stocks are reeling under pressure. Bank, consumer durables and automobile stocks too are mostly trading weak. Pharmaceuticals, oil and FMCG stocks, which found some support earlier in the day, are trading weak now. Information technology stocks are off their highs due to stiff resistance.
The Sensex, which declined to 17,343.55, is currently down 137.93 points or 0.8% at 17,383.19. The Nifty index of the National Stock Exchange is down 47.15 points or 0.89% at 5269.80.
Jindal Steel has lost a little over 2.5%. Tata Steel is down with a loss of 2.1% and Sterlite Industries is down 1.5%, while Coal India and Hindalco are down marginally.
Among other stocks in the Metal index, Hindustan Zinc is down 4.5%, SAIL is trading 1.7% and NMDC is down 1.5%, while JSW Steel and Sesa Goa are trading lower by 1.2%.
Among power stocks, GMR Infrastructure, JSW Energy, Lanco Infratech, Reliance Infrastructure and Tata Power are down 2.5% - 5.5%.
ABB, BHEL, NHPC, NTPC, Reliance Power, Suzlon Energhy and Torrent Power are also down with notable losses.
Automobile stocks Hero Motocorp, Bajaj Auto and Maruti Suzuki are trading lower by 2% - 2.5%. Mahindra & Mahindra is down marginally, while Tata Motors is up in positive territory with a modest gain.
In the banking space, HDFC Bank is down nearly 2%, ICICI Bank is down with a loss of 0.8% and State Bank of India is trading 0.7% down. Bank of India, Federal Bank and IDBI Bank are also trading notably lower.
Realty stocks HDIL, Indiabulls Real Estate, Anant Raj Industries, Unitech, Phoenix Mills, DB Realty, Godrej Properties and Sobha Developers are trading lower by 1% - 4.5%. DLF is trading flat.
Tata Consultancy Services is trading 1.3% up on fairly good support. Dr Reddy's Laboratories and BPCL are up marginally amid lackluster trades.