Stock markets went into a tailspin with the BSE benchmark Sensex losing over 430 points to close below 16,000-level after three months, on furious selling across the counters.
Marketmen said selling pressure became intense after global stocks melted over concerns of global economic recovery.
Extending the losing streak for the second day in a row, the Bombay Stock Exchange benchmark Sensex plunged to 3-month low level of 15,790.93, down by 434.02 points or 2.68 per cent from its last close. The last time the barometer closed below 16,000-level was on November 4, 2009 at 15,912.13 points.
The 50-issue Nifty of the NSE also fell by a hefty 126.70 points or 2.61 per cent to 4,718.65.
Brokers said no counter escaped the fury of selling but reatly and metal shares bore the maximum brunt and their sectoral indices were down by a massive over 4 per cent each. PSU, oil&gas and bankex were under tremendous pressure too and lost over a hefty 3 per cent each.
They attributed aggressive selling to global markets going into a tizzy. Most of the Asian markets tumbled. Japanese benchmark Nikkei 225 plunged about 3 per cent, Hong Kong's Hang Seng nosedived 3.33 per cent and South Korea's Kospi Index dropped 3.05 per cent.
European shares began on a jittery note, with London Stock Exchange's benchmark FTSE 100 dropping over 1 per cent.
World stocks fell as investors were spooked by concerns over ballooning deficit of euro zone countries Greece and Portugal. Higher than expected number of people seeking unemployment benefits in the US and a crash in commodity and energy prices further dampened the sentiment.