The markets ended weak on the back of selling across the board. The benchmark index tanked 352 points to end at 16,063 levels. It swung between 15,991 - 16,632 levels in intra-day deals.
In broader markets, Nifty lost 130 points to 4,739 levels. In other Asian markets, the Nikkei-225 index firmed up 101 points to end at 14,440 levels, the highest since 9 January. Topix added 17 points or 1.2% to end the session at 1,425.
Back home, the sell-off was triggered by reports that the government was planning to hike fuel prices in line with the spiraling crude oil prices.
Leading the pack of losers among the BSE 30 scrips was NTPC Limited. The stock crashed 6.4% to Rs161. Hindalco, Reliance Infra, TCS Limited, BHEL, Reliance Industries, ICICI Bank and ACC were some of the other key losers.
However, Maruti Suzuki managed to stay afloat on the back of the company reporting higher sales figures for May 2008 as compared to the same month in 2007.
Total vehicle sales at 69,001 units in May 2008 were higher by 16.2% as compared to May 2007. Exports surged 40.9% during the period under review. The stock firmed up 2.9% or Rs22.
Among sectoral indices, the BSE realty index was the worst hit that skidded 4%. Unitech Limited and HDIL were the top losers in this pack that slipped over 6%. Mahindra Life (down 5.9%), Sobha Developers (down 5.8%), Ansal Infrastructure (down 5.4%) and Peninsula Land (down 4.5%) also ended weak.