The Bombay Stock Exchange (BSE) Sensitive Index on Tuesday turned sharply weak and plunged by 100.83 points to end below the 12,000 mark at 11,970.47, snapping a five-session long gaining streak on emergence of heavy profit-selling toward the fag-end.
Describing it as a much awaited correction, brokers said market had risen so sharply and the Sensex had gained by a whopping 520.61 points since September 11.
The 30-share index opened firm at 12,103.44 as compared to the previous close of 12,071.30 and soon shot up to an intra-day high of 12,152.60.
However, on emergence of heavy selling in heavyweight shares, the Sensex collapsed by 237.39 points to hit a low of 11,915.21 and later ended at 11,970.47, showing a steep fall of 100.83 points or 0.84 per cent over Monday's close.
Meanwhile, at the National Stock Exchange (NSE) the S&P CNX Nifty fell by 35.40 points or 1.01 per cent to 3,457.35 from Monday's close of 3,492.75.
Foreign Institutional Investors (FIIs) have been active buyers in cash segment during the last week and had made an impressive investment worth Rs 1,444 crore till September 15.
The major losers were RIL, L&T, BHEL, Tata Motors, ACC, HDFC, Grasim, Bajaj Auto, SBI, Tata Steel, Maruti, Bharti, GACL, Hero Honda, HLL, Ranbaxy, REL, ONGC and Hindalco.
However, Satyam Comp, TCS, RCIML, ICICI Bank and Dr Reddy found stray support and closed better.
The trading volume, however rose sharply to Rs 3,706.58 crore from the last close of Rs 2,898.56. Mahigesc topped the list of highest traded securities with a turnover of Rs 214.36 crore followed by Tech Mah (Rs 200.77 crore), RCOML (Rs 165.43 crore), RIL (Rs 158.95 crore) and Bombay Dyeing (Rs 81.05 crore).
Among sectoral indices, BSE-CG plunged by 134.01 points to 8,050.83, BSE Auto by 94.30 points to 5,109.03, BSE CD by 52.81 points to 3,015.99, BSE Metal by 111.40 points 8,033.87, Oil & Gas by 72.97 points to 5,625.92, BSE-PSU by 71.75 points to 5,624.34 and BSE-FMCG by 31.22 points to 2,022.09.
The broad-based BSE-100 Index declined by 64.27 points to 6,083.30 from Monday's close of 6,147.57.
The BSE-200 Index and the Dollex-200 also fell to 1,436.10 and 518.90 from the previous close of 1,452.07 and 524.07 respectively. The BSE-500 index dropped by 48.78 to 4,556.18 from the last close of 4,604.96 and the Dollex-30 ended lower at 2,132.87 from 2,148.39.
Among losers RIL fell by 13.70 to 1118.35, Grasim by 57.10 to 2439.40, L&T by 47.20 to 2647.10, BHEL by 34.60 to 2256.25, Bajaj Auto by 24.30 to 2764.95, Tata Motors by 27.90 to 831.10, Maruti by 25.20 to 916.25, ACC by 16.10 to 940.10, HDFC by 19.25 to 1347.15, REL by 11.40 to 456.60, SBI by 13.40 to 977.70, Tata Steel by 9.60 to 488.55 and HLL by 3.55 to 247.30.
However, TCS firmed up by 13.40 to 1010.20, Satyam by 14.70 to 837.90 and RCMOL by 4.60 to 331.30.