The markets ended weak on the back of across-the-board selling with the benchmark index shedding 334 points to 15,087 levels. In broader markets, the Nifty ended down by 78 points at 4,504.
“I expect the downtrend to continue on weak overseas cues. Nifty could take support around the 4,485-4,490 levels,” said a technical analyst with Religare Securities.
In world markets, the Shanghai Composite Index dipped 3.34 % at 2,842 points in modest turnover. Overnight, the Dow Jones index skidded 1.08% as regional banking group said it would seek fresh capital, highlighting ongoing troubles in the banking sector.
Back home, realty scrips witnessed heavy selling pressure with Anant Raj Industries tanking 7.7% or Rs13. Puravankara, Phoenix Mills and Indiabulls Real Estate also lost over 5% each.
Indian Overseas Bank (down 7.5%), Kotak Mahindra Bank (5.5%), Punjab National Bank (5%), Yes Bank (4.6%), Axis Bank (4.7%) and ICICI Bank (4.1%) were the top losers in the banking pack.
Ranbaxy Laboratories tanked 7.7% or Rs46 by close on the back of the company settling the cholesterol drug Lipitor patent dispute with Pfizer.
Analysts feel that the settlement gives Pfizer a lot in terms of profits as it delays the generic entry by 20 months, and denies Ranbaxy any incremental benefit.