Weakness continued in afternoon trade and the Nifty struggled close to 5500 pulled lower by technology shares. The Sensex was down 267.13 points at 18275.07, and the Nifty fell 55.80 points to 5538.20.
Broader markets too fell further and the breadth deteriorated.
Infosys crashed 20 percent, its biggest fall since 2003, after delivering disastrous Q4 numbers and FY14 dollar revenue guidance of 6-10 percent, which is below Nasscom estimates.
Wipro, Cipla, Coal India, TCS and M&M were the big losers of the day.
Meanwhile, Eveready rallied on the back of battery price hike. The company has hiked prices by Rs 5 per strip of 10 batteries. Speaking to CNBC-TV18 the management said that price increase will be implemented in one-two months and will not impact demand.
Other gainers in the Sensex were ITC, SBI, Hindalco, Bajaj Auto and HUL.
The benchmark indices have lost further ground after European markets open on a weak note. The Indian market is struggling to find support at lower levels and is trading at the lowest point of the day.
The market had grown stubborn and refused to budge from the low points. Even a better-than expected industrial output (IIP) for the month of February failed to enthuse the market. Industrial output in February was at 0.6 percent against an expectation of a contraction of 1.7 percent.
Slaughter in the Dalal Street continued as investors were nervous about the fourth quarter earnings kick-started by disappointing Infosys. The Sensex was down 262.51 points at 18279.69, and the Nifty down 62.65 points or 1.12% at 5531.35.
Infosys seems to have rubbed off energy from the market on Friday. The market opened on a very weak note. The Sensex slumped 318.26 points to 18223.94, and the Nifty fell 89.80 points or to 5504.20.
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Market technically overbought; paper supply to weigh: Dutt