Indian benchmark indices, the Nifty and the Sensex, shed over 1.8 per cent in the afternoon session today amid fears of contagion in the Euro zone.
At 12.13 p.m., the 30-share BSE index Sensex was down 334.52 points or 2.05 per cent at 15,993.73 and the 50-share NSE index Nifty was down 95.85 points or 1.94 per cent at 4,846.95.
Volume toppers during the session were HDFC, SBI, Tata Motors, Tata Steel and L&T. Among 30-share Sensex, GAIL and TCS were the only gainers.
Tata Motors (down 6.94 per cent), HDFC (down 5.01 per cent), BHEL (down 4.24 per cent), ICICI Bank (down 3.42 per cent) and Tata Steel (down 3.24 per cent) were the major laggards.
All BSE sectoral indices were trading in the red. Among them, auto, metal, power and bank stocks were the worst-hit with each down by over 2.3 per cent.
The Nifty and the Sensex opened with a large gap down amid fears of contagion in the Euro zone.
The Nifty opened at 4,875.30, down 68 points over Tuesday's close. The Sensex opened at 16,132.68, a gap down of 196 points.
"It's a sell-off," said a dealer from an Indian brokerage. "With Greece not able to form a coalition government and announcing fresh elections in June, investors have panicked."
Marketmen said that institutions were unwinding positions in Europe on fears of the Greek electorate voting for anti-austerity again in June.