Market update: Selling pressure was witnessed in mid- and small-cap shares

The domestic stock markets fell sharply in trade today led by declines in Reliance Industries, ICICI Bank, Infosys, Tata Consultancy Services and IndusInd Bank. The Sensex slumped as much as 576 points to fall below 36,000 and the NSE Nifty 50 index dropped as much as 170 points to fall below its important psychological level of 10,700 to hit an intraday low of 10,670.

The Sensex dropped 470 points or 1.3 per cent to close at 36,093. its lowest level since March 1 and the Nifty 50 index slumped 136 points or 1.25 per cent to close at 10,705, its lowest level since February 19.

All the 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Media index's over 4 per cent fall. Nifty Metal, Nifty PSU Bank, Nifty Bank, Nifty Auto, Nifty Pharma and Nifty Private Bank indices also fell between 1.5-2.2 per cent each.

Mid- and small-cap shares also witnessed selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indexes fell over 1.5 per cent each.

Selling pressure was so intense that 43 shares out of 50 shares in the Nifty 50 index ended lower.

In the Sensex basket of shares, only four out of 30 shares managed to end higher.

Yes Bank was top loser in the Nifty 50 basket of shares, the stock fell 15 per cent to hit an intraday low of Rs 54.55. Indiabulls Housing Finance, Zee Entertainment, Tata Steel, IndusInd Bank, ICICI Bank, Vedanta, Mahindra & Mahindra, Maruti Suzuki and Reliance Industries were also among the losers, down between 2.2-2.8 per cent each.

Tata Motors, Bharti Airtel, Asian Paints, Britannia Industries and Coal India were among the notable gainers in the Nifty.