The 30-share BSE Sensex plunged 555.23 points, or 0.73 per cent, to settle at 75,577.58.
The 50-share NSE Nifty also witnessed selling pressure, declining 144.05 points, or 0.61 per cent, to end at 23,635.10.
Among the 30 Sensex companies, ICICI Bank, Axis Bank, UltraTech Cement, Kotak Mahindra Bank, Reliance Industries and HDFC Bank were the major laggards.
Bharat Electronics, Adani Ports, Hindustan Unilever and InterGlobe Aviation were among the notable gainers.
Commenting on the market trend, Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited, told Moneycontrol, “Nifty is trading below its key moving averages, keeping the broader setup under pressure. Immediate support is placed at 23,650–23,700, while resistance is seen at 23,950–24,000. Holding the support zone could encourage a technical rebound, whereas a sustained break below 23,650 may accelerate the downside. Overall, the near-term bias remains cautious to bearish.”