The BSE smallcap index falling over 2 per cent and the midcap index declining by 1.5 per cent. Markets are now heading for a fourth straight day of losses during which the Sensex has shed over 500 points.
Shares in Adani Group, which have witnessed tremendous rise over the last few months, fell sharply today. Adani Power fell over 8 per cent, while Adani Enterprises traded with over 5 per cent cut. Adani Ports traded 4.2 per cent lower.
Analysts have blamed the recent weakness on profit taking after a record-setting rally, which was driven by hopes of a revival in domestic economy and a stable government post elections.
FII's continue to be buyers in the cash market, though the momentum seems to be on the wane. On Tuesday, FIIs bought shares worth Rs.288 crore, though domestic institutional investors sold shares worthRs. 551 crore.
Realty stocks fell nearly 5.5 per cent. India's biggest realty developer DLF fell over 9 per cent and was the top Nifty loser. Unitech traded 8.5 per cent lower.
Power, capital goods and consumer goods stocks traded with over 2 per cent losses. Tata Power declined 4 per cent, Sesa Sterlite fell 3 per cent, while Hindalco traded 2.8 per cent.