The Bombay Stock Exchange benchmark Sensex on Monday fell 274 points as investors reduced holdings ahead of the outcome of State elections amid continuing profit booking and a weak global trend.
Sensex, which had gained 53 points in the last two sessions, fell by 274.12, or 1.55 per cent, to 17,362.87 as investors and funds reduced their holdings ahead of the State elections results to be announced on Tuesday.
Similarly, the broad-based National Stock Exchange index Nifty dropped 79.05 points, or 1.47 per cent, to 5,280.35.
Weak trend in the Asian region and lower openings in Europe further hit the investor confidence. Global markets fell after China lowered its economic growth target to a 7-year low and investors remained uncertain over the eurozone debt crisis, especially the Greek financial bailout.
The downtrend was led by realty, banking and metal sector stocks on profit-booking by funds after recent gains.
Top heavyweights on the Sensex, Reliance Industries fell by 1.97 per cent and Infosys by 1.90 per cent.
Among other losers, SBI dropped 3.40 per cent, ICICI Bank 3.88 per cent, HDFC Bank 1.62 per cent, L&T 2.42 per cent, BHEL 3.67 per cent, Jindal Steel 3.99 per cent.