Markets sink deep in red on the back of continued profit booking and weak global cues. Markets ignored stability in crude price and steady inflation numbers. The BSE bank, oil & gas, realty and capital goods stocks witness heavy selling pressure. Power, metal, auto and IT indices were also closed negative. More pressure was seen from domestic financial institution and life insurance companies. However, in this free fall BSE midcap and small cap indices were marginally down.

Even though markets were down in last two consecutive days, its weekly gains remained good. In this week Sensex ends up 4.5% and Nifty up 5.5% from its previous week close.

ICICI Bank was down nearly 10% from its previous close as markets are expecting poor set of quarter numbers from India's largest private bank.

The Sensex was down 502.07 points or 3.40% at 14274.94. It has touched an intraday high of Rs 14,484.39 and an intra day low of Rs 14,210.63.

The Nifty was down 121.70 points or 2.74% at 4311.85. It has touched an intraday high of Rs 4440.85 and an intra day low of Rs 4297.15.

Markets breadth was negative, about 1325 shares have advanced, 1612 shares declined, and 214 shares are unchanged.

Top losers on the Senses were ICICI Bank, HDFC Bank, Reliance, HDFC, Jaiprakash Asso and ONGC.

However, Ranbaxy Labs, ACC, HUL and Grasim were top gainers on the Sensex.

The BSE bankex was down 5.75% or 411.62 points at 6,751.86. ICICI Bank, HDFC Bank, Axis Bank, Canara Bank, Karnataka Bank, Yes Bank, Kotak Mahindra tumbled 3-10%.

The BSE oil & gas was down 5.08% or 508.98 points at 9,504.42. Reliance Ind, ONGC, RNRL, GAIL and Cairn India fell 1-7%.

The realty index ended down 3.84% or 201.09 points at 5,029.06. Indiabulls Real, HDIL, Omaxe, Anant Raj Ind and DLF crashed 3-10%.

The BSE capital goods index was down 3.14% 380.89 points at 11,738.27. ABB, Crompton Greaves, Punj Lloyd, BHEL, Walchandnagar, Gammon India, L&T and Thermax plunged 3-8%.

The BSE power was down 2.53% or 67.26 points at 2,587.19. Reliance Infra, Reliance Power, Tata Power and Lanco Infratech slid 2.5-4%.

The BSE IT index was down -0.52% or 18.80 points at 3,611.24. Patni Computer, Aptech, HCL Tech, Financial Tech, Infosys and TCS have plunged.

The BSE auto index was down 1.20% or 45.17 points at 3,725.99. Bajaj Auto, Tata Motors, MRF, Cummins, Bosch, Ashok Leyland and M&M tumbled.

The BSE metal index closed down 1.61% or 204.15 points at 12,492.10. Sterlite Ind, Sesa Goa, Jindal Saw, Tata Steel, SAIL, JSW Steel and Hindalco ended down around 1.5-4%.

However, the BSE FMCG index was up 0.26% or 5.43 points at 2,124.52. Ruchi Soya, Britannia, HUL, P&G, Tata Tea and Dabur India have gained.

Total turnover stood at Rs 73683.24 crore. This includes Rs 14676.97 crore from NSE Cash segment, Rs 53163.45 crore from NSE F&O and the balance Rs 5842.82 crore from BSE Cash segment.

Asian markets were trading lower. Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted fell 1-2.5%.