In volatile trade, the Bombay Stock Exchange benchmark Sensex on Thursday ended with a sharp fall of almost 390 points as major players sold shares after a recent widespread rally.
The Sensex, which had gained over 73 points in the previous session, closed lower by 389.80, or 2.45 per cent, at 15,514.03. It moved between 15,969.81 and 15,443.22 following ups and downs in index-related stocks.
Market analysts said selling pressure increased as retail investors liquidated positions to raise funds before an initial public offering issue of NHPC Ltd, the country's biggest hydroelectric power generator. The issue opens tomorrow.
Among the 30-BSE index stocks, 28 ended with losses, while two remained higher.
In a similar manner, the National Stock Exchange index Nifty lost 108.65 points, or 2.31 per cent, at 4,585.50. It touched the day's high of 4,718.15 and a low of 4,559.20 points.
All the sectoral indices led by auto and metals ended in the negative zone with losses up to 4.43 per cent.
Sentiment turned weak as investors preferred to book profits after the Sensex climbed nearly 20 per cent in the past one month.