At the close, the Sensex dropped 667.55 points, or 0.89 percent, to 74,502.90, and the Nifty declined 183.50 points, or 0.80 percent, to 22,704.70.
The market opened on a negative note due to mixed global cues and continued to decline throughout the day, causing the Sensex and Nifty to fall below 74,500 and 22,700, respectively.
The biggest losers on the Nifty included HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra. On the other hand, Hindalco, Power Grid Corp, Divis Labs, Nestle, and Sun Pharma were among the gainers.
Sectorally, there was a mixed trend: capital goods, telecom, healthcare, metal, and power ended in the green, while auto, bank, FMCG, IT, oil & gas, and realty sectors fell by 0.3-1 percent.
The BSE midcap index fell by 0.4 percent, while the smallcap index rose by 0.2 percent.
Among individual stocks, GNFC, Ipca Lab, and Piramal Enterprises experienced a volume spike of more than 100 percent.
A long build-up was observed in Samvardhana Motherson International, Hindalco Industries, and Jubilant FoodWorks, whereas a short build-up was noted in ICICI Prudential Life Insurance, IRCTC, and Interglobe Aviation, according to a Moneycontrol report.
Nearly 150 stocks on the BSE reached their 52-week high, including Samvardhana Motherson International, Hindalco Industries, Divis Labs, Aditya Birla Fashion, Glenmark Pharma, Coromandel International, and Power Finance, among others.