Sensex and Nifty followed the global cues and closed sharply lower. Sensex closed at 14483.83 down 415 points and Nifty closed at 4352 down 95 points from it's previous close.

Bankex and IT index lost 3%. Many banking and realty stocks lost more than 5%. Pharma major Ranbaxy plunges 8%.

Midcap index closed in red loosing 1.29% and smallcap index closed 1 lower.