Falling for the third straight session, equity benchmark Sensex tumbled 634 points on Thursday to close below 60,000-mark, tracking losses in index majors Infosys, TCS and RIL amid a fresh sell-off in European markets.
The continued flight of foreign capital from Indian markets also affected the market sentiment, traders said.
The 30-share BSE index ended 634.20 points or 1.06 per cent lower at 59,464.62. Similarly, the NSE Nifty plunged 181.40 points or 1.01 per cent to 17,757.00.
Bajaj Finserv was the top loser in the Sensex pack, shedding 4.57 per cent, followed by Infosys, TCS, Sun Pharma, HCL Tech, HUL, Dr Reddy's, HDFC and Reliance Industries.
On the other hand, PowerGrid, Bharti Airtel, Asian Paints, Maruti and ICICI Bank were among the gainers.
Meanwhile, Asian Paints' consolidated net profit fell 18.5 per cent to Rs 1,031.29 crore for the third quarter ended December 2021.
In other Asian markets, bourses in Hong Kong, Seoul and Tokyo ended with gains, while Shanghai closed in the red.
Stock exchanges in Europe were witnessing intense selling pressure in mid-session deals.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,704.77 crore on Wednesday, according to stock exchange data.
Rupee Slips 7 Paise To Close At 74.51 Against US Dollar
The rupee on Thursday slipped 7 paise to close at 74.51 (provisional) against the US dollar, tracking a lacklustre trend in the domestic equity market.
Forex traders said sustained foreign fund outflows and firm crude oil prices weighed on the local unit. Moreover, investors remained cautious ahead of the US Federal Reserve's meeting due next week.
At the interbank foreign exchange market, the local currency opened at 74.43 against the greenback and witnessed an intra-day high of 74.29 and a low of 74.53 during the session.
The rupee finally settled at 74.51, down 7 paise over its previous close of 74.44.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent up at 95.53.
Meanwhile, Brent crude futures, the global oil benchmark, fell 0.63 per cent to USD 87.88 per barrel.
Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 2,704.77 crore, as per stock exchange data.
Gold Rallies Rs 415 On Global Cues; Silver Zooms Rs 858
Gold prices rose by Rs 415 to Rs 48,327 per 10 gram in the national capital on Thursday, reflecting overnight gains in the international precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had settled at Rs 47,912 per 10 gram.
Silver prices also soared by Rs 858 to Rs 64,429 per kg from Rs 63,571 per kg in the previous trade.
In the international market, gold was trading with gains at USD 1,841 per ounce and silver was flat at USD 24.13 per ounce.
"Spot gold prices for 24 carat gold at Delhi surged by Rs 415, reflecting overnight gains in COMEX gold prices despite rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.