Benchmark BSE Sensex plunged over 500 points to crack below its crucial support level of 28,000 in early trade today as investors indulged in trimming their bets after the minutes of the US Federal Reserve's September meeting indicated a possible rate hike this year.
Besides, the trading sentiment was influenced by a weak trend in Asian markets after China's exports unexpectedly declined.
Remaining in the negative for the second month in a row, industrial production contracted by 0.7 per cent in August due to slump in manufacturing, mining and capital goods segments.
The Nifty50 slipped below 8,550, weighed down by losses in realty, power, metals, banks, and auto stocks.
The selling was broad-based as both S&P BSE Smallcap and Midcap indices slipped more than 1 per cent each.
Top losers from the Sensex pack are ICICI Bank, HDFC, Adani Ports, Tata Motors, Sun Pharma and TCS. TCS has dropped almost 2% ahead of its September quarter result today.
Also, the broader NSE Nifty slumped below the 8,700-mark.
The 30-share barometer plunged by 265.21 points or 0.94 per cent to 27,817.13.
The index had risen by 21.20 points in the previous session on Monday. Stock Exchanges remained closed on Tuesday and Wednesday on account of "Dussehra" and "Moharum", respectively.
Sectoral indices led by realty, baking, auto and metal were trading in the negative zone, falling by up to 1 per cent.
Also, the NSE Nifty was trading 82.20 points or 0.94 per cent lower at 8,626.60.
Brokers said apart from weak Asian cues after China's exports unexpectedly declined, investors also weighed minutes of the Federal Reserve's last meeting that show the US central bank may go for a rate hike this year.
Among Asian markets, Japan's Nikkei fell 0.39 per cent, While Hong Kong's Hang Seng down 1.33 per cent in early trade today.
The Dow Jones Industrial Average ended 0.09 per cent higher in yesterday's trade.
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