Equity benchmark Sensex plunged 1,159 points on Thursday following an across-the-board selloff as monthly derivatives expired amid a weak trend in global markets.

The 30-share index tanked 1,158.63 points or 1.89 per cent to close at 59,984.70. Similarly, the broader NSE Nifty plummeted 353.70 points or 1.94 per cent to 17,857.25.

ITC was the top loser in the Sensex pack, tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank.

On the other hand, IndusInd Bank, L&T, UltraTech Cement and Asian Paints were among the gainers.

"Domestic equities witnessed heavy selloff with high volatility mainly led by sharp correction in heavyweight financials and IT, which wiped out around Rs 4.5 lakh crore from investors wealth," said Binod Modi, Head - Strategy at Reliance Securities.

All key sectoral indices fell sharply, with Nifty PSU Bank falling over 4 per cent. In addition to weak global cues, unwinding of long positions especially in financials on F&O expiry, which had seen a sharp rally in recent period were the prime reasons for the sharp market correction, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with losses.

Stock exchanges in Europe were also trading in the red in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 1.11 per cent to USD 82.94 per barrel.

Rupee Gains 11 Paise To End At 74.92 Against US Dollar

The rupee gained 11 paise to close at 74.92 (provisional) against the US dollar on Thursday despite massive sell-offs in the domestic equity market as easing crude oil prices lent some support to the local currency.

At the interbank forex market, the domestic unit opened at 74.92 against the greenback and witnessed an intra-day high of 74.76 and a low of 74.94 during the day's trade. It finally ended at 74.92 a dollar.

On Wednesday, the rupee had declined by 7 paise to close at 75.03 against the US currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.10 per cent to 93.89.

"The Indian rupee appreciated on expectation of better inflows from high profile IPOs and on lower crude oil prices. Market is having notable dollar inflows from IPOs while RBI is allowing rupee appreciation even after lower crude oil price on Thursday," said Dilip Parmar, Research Analyst, HDFC Securities.

The rupee will gain further strength if crude oil prices continue to trade lower over next two weeks along with FPI flows.

"USD/INR is having near-term support around 74.70 while continue to resist at 75.20," Parmar said.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,913.36 crore, as per exchange data.

Gold Jumps Rs 112; Silver Declines Rs 203

Gold in the national capital on Thursday rose by Rs 112 to Rs 47,050 per 10 gram in-line with a recovery in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 46,938 per 10 gram.

In contrast, silver slipped Rs 203 to Rs 63,767 per kilogram from Rs 63,970 per kilogram in the previous trade.

In the international market, gold was trading higher at USD 1,803 per ounce and silver was flat at USD 24.12 per ounce.

"Gold prices recovered paring previous losses with lower US bond yields and mixed global cues," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.