Indian stock market continued to remain weak as traders booked positions after non-eventful budget failed to boost investors’ reaction.

Moreover, depressing Asian markets also have contributed to the sharp fall this afternoon.

At 13:48 hrs, the Sensex lost 2.87% or 267.25 points at 9038.20, slightly off a low of 9022.67 it had touched a little while ago. Meanwhile, Nifty lost 81.65 points at 2766.85.

According to Reliance Money report, “For today's trade, Nifty may see support around levels of 2765~2770 range on lower side while hurdle continues to exist around levels of 2890~2900 range. Indices are now at a critical juncture, as there are several factors including both domestic and global which may lead to sharp volatility in near term. Strict stop losses are absolute must for all open positions.”

DLF, Tata Steel, ICICI Bank, HDFC Bank, Hindalco, Mahindra & Mahindra, Maruti Suzuki, Reliance Communications, L&T, Bharti Airtel, BHEL, Grasim Industries, Reliance Infrastructure, ACC, HDFC, Infosys Technologies, Reliance Industries, Tata Power were the top losers.

ITC, the only Sensex stock in the positive territory, was up with a modest gain of 0.65%.

Asian markets were down led by losses in finance and commodities. Japan’s Nikkei average declined 1.5% after touching a nearly three-month low.

European stocks ended lower today as poor economic data and lasting worries about losses at banking institutions hit financial stocks.

Hong Kong stocks fell on Tuesday, with the benchmark Hang Seng Index decreasing 510.48 points or 3.79% to close at 12,945.40.