The stock market continued its decline with the BSE Sensex losing around 500 points.
Sensex has given up the 51,000-mark and the Nifty50 is also trading below the psychological level of 15,000 points.
Around 2.44 p.m., Sensex was trading at 50,823.41, lower by 501.28 points or 0.98 per cent from its previous close of 51,324.69.
It opened at 51,238.02 and has touched an intraday high of 51,432.99 and a low of 50,693.29 points.
The Nifty50 on the National Stock Exchange was trading at 14,958.15, lower by 160.80 points or 1.06 per cent from its previous close.
The across-the-board selloff was led by banking, auto and metal stocks. Analysts said that investors are taking to profit booking after the recent surge to new highs.