New Delhi - Indian equity markets closed in the red Thursday with the bellwether Sensex index shedding 3 per cent and falling below 11,000 as monthlong general elections got under way.

The 30-share sensitive Sensex index of the Bombay Stock Exchange fell 337.33 points, or 2.99 per cent, to close at 10,947.4 as a fractured verdict and a weak coalition government was expected to result from the elections.

The Sensex has climbed more than 15 per cent in the past eight sessions and hit a six-month peak in intra-day trading. It rose as high as 11,367.23, a level last seen on October 13.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also lost 3.29 per cent of its value to close at 3,369.5. (dpa)