It was a bad day for the market as it ended deep in red. Both broader indices Sensex and Nifty closed below their psychological level 15000 and 4450. The BSE realty index has underperformed all sectoral indices; it was down nearly 8%. Heavy selling was also seen in bank, capital goods, power, oil & gas, FMCG and auto stocks. The BSE midcap and smallcap indices were down nearly 2% each.

It seems that local traders likely to unwind their positions ahead of long weekend. Rate sensitives banks, real estate stocks were seen under selling heavy pressure. Hedge funds were seen profit booking in today's trade. However, domestic funds were seen buying selectively into large cap tech stocks. As throughout the day IT stocks shows some buying interest; index was up over 2%.

Inflation data to be released today. CNBC TV18 poll sees inflation for the week ended August 2 at 12.15% versus 12.01%.

The Sensex is down 368.94 points or 2.44% at 14724.18, and the Nifty down 98.35 points or 2.17% at 4430.70.

Markets breadth was negative, about 981 shares have advanced, 1995 shares declined, and 186 shares are unchanged.

The BSE realty index was down 7.97% or 447.30 points at 5163.53. Indiabulls Real, DLF, HDIL, Unitech and Parsvnath slipped 6-14%.

The BSE bankex was down 5.07% or 368.44 points at 6902.96. Canara Bank, PNB, Kotak Mahindra, SBI and Bank of Baroda fell 6-8%.

The BSE capital goods index was down 3.71% or 468.22 points at 12138.72.

The BSE power index was down 2.91% or 81.21 points at 2648.63. Reliance Infra, Punj Lloyd, Crompton Greave, GMR Infra and BHEL tumbled 4-8%.

The BSE oil & gas index was down 2.32% or 214.94 points at 10197.05. HPCL, Reliance Natura, Essar Oil, Reliance and IOC dragged 2%-6%.

The BSE FMCG index was down 1.47% or 32.72 points at 2193.58. United Spirits, HUL, ITC, Nestle and Tata Tea down 0.61-3%.

The BSE auto index was down 1.43% or 57.02 points at 3933.05. Escorts, Hero Honda, Maruti Suzuki, Mah and Mah and Cummins fell 1-4%.

The BSE metal index was down 0.39% or 49.33 points at 12593.90. Ispat Industrie, Mahalaxmi Sm, Jindal Saw, NALCO and Hindalco lost 2-4%.

However, the BSE IT index closed up 2.18% or 83 points at 3896.96. Mphasis, Infosys, HCL Tech, Satyam and I-Flex Solution gained.

Turnover traded in markets stood at Rs 63510.85 crore. This includes Rs 11002.89 crore from NSE Cash segment, Rs 47643.15 crore from NSE F&O and balance Rs 4864.81 crore from BSE Cash segment.

Asian markets were trading mixed. Shanghai Composite, Nikkei, Hang Seng, Straits Times are trading lower, however Seoul Composite and Taiwan Weighted were trading marginally higher.