Weakness in Asian and European markets and disappointing quarterly results from leading automobile manufacturer Maruti Suzuki triggered some heavy selling in afternoon trade on the Indian bourses today.
Concerns about the ongoing conflict in Ukraine and a below normal monsoon forecast from IMD are adding to the woes.
As stocks tumbled, the BSE benchmark Sensex plunged to 22,660.38, way down from a lifetime high of 22,939.31 it touched earlier in the day. At 22,696.32, the Sensex is now down 180.22 points or 0.8% from its previous close.
The Nifty, which plummeted to 6772.85, nearly 100 points from a lifetime high of 6869.95, is down 56 points or 0.8% at 6784.80 at present.
Cairn India is down 4.8% on weak guidance. Ambuja Cements, Ultra Tech Cement and Ambuja Cements are down 3.4% -4.5% on disappointing results. Grasim Industries is down with a loss of 2.7%.
BPCL, NTPC, ICICI Bank, ITC, IDFC, Hero Motocorp and Asian Paints are lower by 2% - 2.8%.
Maruti Suzuki is down 1.8% despite coming off the day's low. The stock declined sharply post announcement of results that fell short of expectations. Hindustan Unilever, Kotak Bank, Reliance Industries, Cipla, WIpro, Punjab National Bank and GAIL India are also notably lower.
Mahindra & Mahindra is down nearly 3%. Dr Reddy's Laboratories, Tech Mahindra, HDFC, State Bank of India, DLF, Bharti Airtel and BHEL are up 1% - 2.2%. HCL Technologies, Bank of Baroda, Jindal Steel & Power and Lupin are up with modest gains.