Brokers said squaring-up of positions by participants as today is the last trading session of April series expiry in the derivatives segment and a weak trend at other Asian bourses following overnight losses at the US markets after growth data fell well short of forecasts, dampened sentiments.
The benchmark BSE Sensex tanked over 295 points to slip below the 27,000-level in early trade today as participants indulged in offloading positions in view of April series expiry in the derivatives segment.
The 30-share barometer, which had lost 170.45 points in yesterday's volatile session, dipped below the 27,000-mark by falling 295.25 points or 1.08 per cent to 26,930.68.
All the sectoral indices led by metal, IT and healthcare were trading in negative zone with losses up to 1.55 per cent.
Also, the NSE Nifty dipped below the 8,200-mark by losing 88.45 points or 1.07 per cent to 8,151.30.
Brokers said squaring-up of positions by participants as today is the last trading session of April series expiry in the derivatives segment and a weak trend at other Asian bourses following overnight losses at the US markets after growth data fell well short of forecasts, dampened sentiments.
Besides, capital outflows by foreign investors on MAT worries and lower-than-expected Q4 earnings posted by some blue-chip companies too negatively impacted sentiment, they said.
Stocks of Jindal Steel & Power fell by more than 5.50 per cent after company was chargesheeted by the CBI in connection with Amarkonda Murgadangal coal block allocation scam case.
In Asian markets, Hong Kong's Hang Seng was down by 0.77 per cent, while Japan's Nikkei fell by 1.90 per cent in early trade today.
The Dow Jones Industrial Average ended 0.41 per cent lower in yesterday's trade.
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