Market at 3-year low, Sensex drops below 29,000

Sell-off intensified in the Indian stock market on Wednesday, as both Sensex and Nifty dropped to their lowest levels in three years.

Sensex plunged over 1,900 points and fell below the psychological 29,000-mark.

Around 3.15 p.m., it was trading at 28,780.93, lower by 1,798.16 points or 5.88 per cent from the previous close of 30,579.09. It had opened at 30,968.84 and touched an intra-day high of 31,101.77 earlier in the day.

It has so far touched an intra-day low of 28,613.05.

The Nifty50 on the National Stock Exchanges was trading at 8,485.75, lower by 481.30 points or 5.37 per cent from its previous close.

The sector-wide selloff in the Indian markets was led by heavy selling in banking and finance stocks. On the Sensex, IndusInd Bank, Bajaj Finance Aand Axis Bank were the top losers.

while ONGC, State Bank of India, TCS and ITC were the only stocks which gained. IANS