Sensex plummeted some 97 points to hit almost four-month low of 27,430.28, falling for the fourth straight session, and Nifty crashed below the key 8,500-level on Thursday, tracking cautious global markets amid a new poll suggesting a likely win for Donald Trump in U.S. election.
The US Dow Jones Industrial Average ended 0.10 per cent lower in Monday's trade.
The benchmark S&P BSE Sensex hit its lowest level in over 3-1/2 months before closing 96.94 points or 0.35 percent lower at 27,430.28.
Besides, investors remained cautious ahead of the two-day US Fed's FOMC (Federal Open Market Committee) later in the evening.
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services, said, "Market witnessed intense selling on United States election jitters and the FED policy today".
The 30-share index stayed in the negative terrain for the whole day and settled lower by 349.39 points, or 1.25 percent - its biggest single-day fall since 13 October - at 27,527.22.
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On Wednesday, weak global cues, such as uncertainty over U.S. presidential elections and the FOMC decision, dragged the Indian equity markets down. Today's closing level was the same as on 17 October when the Sensex had closed at 27,529.97.
On similar lines, the NSE Nifty was quoting 27.70 points or 0.32 per cent higher at 8,653.40.
The losers were SBIN by 2.57 pc to Rs 251.75, ONGC by 2.56 pc to Rs 281.80, Tata Motors by 2.51 pc to Rs 517.60 and Tata Steel by 1.84 pc to Rs 410. MSCI's broadest index of Asia-Pacific shares outside Japan was flat with only minor moves across the region.
Foreign investors sold net equity of Rs 667 crore on Wednesday, while domestic institutions used the opportunity to buy stocks worth Rs 407 crore, net.
Sector-wise, the S&P BSE oil and gas index plunged by 219.50 points, followed by the healthcare index, which declined by 176.95 points, and the consumer durables index which receded by 104.37 points.
The market breadth turned negative as 1,967 stocks ended lower, 965 finished higher while 110 ruled steady.