As investors, led by FIIs, went on a selling spree amid mixed global cues and weak infrastructure output data, stock prices tumbled on the major Indian bourses in afternoon trade and sent the market crashing down to a highly negative close today.

It was a fairly positive start for the market this morning with investors tracking Asian cues and indulging in some hectic buying at a few front line counters. However, the mood soon turned cautious and the market was down in the red after the first hour. And then, the data revealing a slowdown in infrastructure sector growth triggered a strong round of selling. The pressure intensified further following a weak start in European markets and stocks were than seen struggling deep down in the red till the end of the session.

With a number of firms planning to mobilise funds through shares sales to institutional investors through the QIP route, it is feared that the market may run short of liquidity soon. This move by India Inc also contributed its bit to the slide today.

While the 30-share BSE sensitive index Sensex ended the session with a loss of 291.90 points or 1.97% at 14,493.84, the broader 50-stock Nifty index of the National Stock Exchange closed 99.85 points or 2.27% down at 4291.10. The Sensex touched a low of 14,420.41 today while the Nifty dropped down to 4267.35.

Realty stocks bore the brunt of the onslaught today. Mirroring their fall, the BSE Realty index fell as much as 7.42%. Metal, power, capital goods, bank, oil and pharma stocks too closed with sharp losses. Auto, PSU and consumer durables stocks failed to retain gains and settled well off their highs. Information technology and FMCG stocks outperformed the broad market.

Among Sensex stocks, only Hero Honda (1.1%), Tata Consultancy Services (1%) and Hindustan Unilever (0.4%) signed off on a positive note today. In the Nifty pack, apart from the three stocks cited above, BPCL (0.8%) was the one to end with gains today. ONGC, which ended with a small loss on BSE, ended with a slender gain on NSE.

Realty stock DLF went down by over 8%. Tata Motors and Jaiprakash Associates lost around 7.25%. Sterlite Industries, Reliance Infrastructure, Reliance Communications, ICICI Bank, ACC, Reliance Industries and Larsen & Toubro finished with sharp losses.

Mahindra & Mahindra, Tata Steel, Hindalco, ITC, BHEL, State Bank of India, HDFC, HDFC Bank, NTPC and Sun Pharmaceuticals also ended sharply lower.

Suzlon Energy fell as much as 11.4% today. Idea Cellular, Unitech, Reliance Capital, Siemens, SAIL, Axis Bank, Reliance Power, Jindal Steel, Ambuja Cements, Cipla, HCL Technologies, Nalco and Power Grid Corporation declined sharply.

Scores of midcap and smallcap stocks declined sharply and ended with big losses today. Due to widespread selling, the market breadth was very weak in afternoon trade. When the session ended, out of 2677 stocks seen in action on BSE, as many as 1846 stocks were down in the red. 757 stocks posted gains and 74 stocks ended flat.