Domestic equity benchmark Sensex plunged 394 points on Thursday, tracking a massive selloff in global markets after US Fed's gloomy economic outlook spooked investors across the world.
The BSE Sensex ended 394.40 points or 1.02 per cent lower at 38,220.39. The broader NSE Nifty slumped 96.20 points or 0.84 per cent to 11,312.20.
HDFC was the top loser in the Sensex pack, shedding over 2 per cent, followed by Axis Bank, Bharti Airtel, M&M, Reliance Industries, ICICI Bank, IndusInd Bank and Titan.
On the other hand, NTPC, ONGC, PowerGrid and Tata Steel were the gainers.
The Indian market opened on a negative note following subdued Asian markets which were impacted by the US Federal Reserve's cautious view of the economy, US-China tensions and new clusters of coronavirus infections, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
The Fed's minutes showed again that policymakers are finding it difficult to forecast the path of the economy, which will depend greatly on what happens with the coronavirus.
During the afternoon session markets briefly attempted to bounce back from day's lows but the strength failed to sustain as profit booking by traders was seen, he said.
"Traders also remained concerned with the World Bank's report stating that it is likely to project a steeper contraction in India's economy than the 3.2 per cent it had forecast for the current financial year," he added.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses.
Stock exchanges in Europe also witnessed robust selling in early sessions.
Global oil benchmark Brent crude was trading 1.06 per cent lower at USD 44.89 per barrel.
In the forex market, the rupee settled at 75.02 against the US dollar, down 20 paise over its previous close.
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