Benchmark indices ended lower and broke the four-day gaining streak on April 30 dragged by the banking and auto names, while pharma stocks were witnesses buying.
Sensex was down 983.58 points or 1.98% at 48,782.36, and the Nifty was down 263.80 points or 1.77% at 14,631.10.
HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Asian Paints were among the top losers on the Nifty. Gainers included ONGC, Coal India, Divis Labs, Grasim, and IOC.
About 1332 shares have advanced, 1554 shares declined, and 166 shares are unchanged.
Among sectors, bank, auto, IT, PSU bank and FMCG indices fell 1-2 percent, while pharma index rose 1 percent.