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The 30-scrip BSE barometer, which had gained 466 points in the last three trading sessions, fell 188.48 points to 16,745.35 as stocks of capital goods and banking sectors suffered notable losses.
The Reserve Bank raised its lending rates by 25 basis points last Friday to tame inflation, which was at 13-month high of 9.78 per cent in August. It was the 12th time in 18 months that RBI raised the key rate.
The market was also hit by weak trend in the Asian region, with Hong Kong tumbling 2.76 per cent and lower openings in Europe.
The broad-based NSE index Nifty dropped 52.30 points to 5,031.95, after touching an intra-day low of 5,019.25.
The capital goods sector plunged 2.19 per cent to 11,786.29, with stocks of L&T, BHEL, Siemens India, ABB Ltd, Bharat Earthmover and Punj LLoyd falling sharply.
The banking sector index dropped by 1.17 per cent to 10,997.69 as ICICI Bank, SBI, Axis Bank, PNB, Union Bank and Bank of Baroda suffered losses on fresh selling.
The two most heaviest on the Sensex - with 20 per cent weight - Reliance Industries and Infosys plunged on heavy selling by funds. RIL lost 0.80 per cent to Rs 820.85 and Infosys by 1.33 per cent to Rs 2,361.65.
However, rise in consumer durables and auto sectors saved the market from a bigger loss.
