Equity benchmarks continued to fall in afternoon trade with the Sensex declining 217.42 points to 27874 and the Nifty down 56.05 points at 8635.25. Banking & financials and technology stocks remained under pressure whereas FMCG and auto stocks gained.
Axis Bank retained its top position in the selling list, down 8 percent on disappointing earnings. ICICI Bank, Tata Motors, HDFC Bank, Asian Paints and Adani Ports were down 1-3 percent.
European stocks were lower following lacklustre trade on Wall Street and in Asia amid a slide in the oil price. France's CAC, Germany's DAX and Britain's FTSE were down 0.7-1 percent.
Oil prices fell more than a percent as a report showing a surge in US crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut.
