The S&P BSE Sensex fell 550 points to 49,050. The index hit an intra-day low of 48,895. The broader Nifty50 index fell below 14,400. Axis Bank, down 4 per cent, was the top Sensex loser. Besides, Axis Bank, ICICI Bank, HDFC, and Tech Mahindra fell 2 per cent, each. Reliance Industries also slipped 2 per cent ahead of its quarterly results later in the day. On the other hand, Bajaj Auto surged as much as 8 per cent.
All the Nifty sectoral indices were painted red, except Nifty Auto index, which was up 1 per cent.