Mumbai: The BSE Sensex tumbled from over 9-week high on Friday to below 19k at 18,858, down 220 points amid profit booking in blue chips and a heavy sell-off in metals and mining firms as a new bill proposed profit-sharing with people affected by their projects.

Besides, sentiment dampened as investors viewed HDFC Bank Q1 result as below-expected and RIL stock, which carries the heaviest weight on the Sensex, slid on being assigned "equal weight" from "overweight" by Morgan Stanley, analysts said.

ICICI Bank, ITC, TCS, L&T, HDFC, Sterlite, Hindalco, Infosys, Jindal Steel and Tata Steel weighed down the market.

The Bombay Stock Exchange 30-stock barometer initially touched a 9-1/2-week high of 19,131.70 but fell back to end the day at 18,858.04, a steep fall of 220.26 points or 1.15 per cent. It had gained 351.33 points or 1.88 pct on Thursday.

Similarly, the NSE 50-issue Nifty reacted downwards by 68.30 points or 1.19 per cent to 5,660.65.

"The approval of the draft mining bill acted as negative trigger for the mining sector which alongwith itself dragged the broader market down," Stock Brokers Research Head Paras Bothra said.

The draft Mines and Mineral Development and Regulation (MMDR) Bill, 2011, has proposed to make it mandatory for coal miners to share 26 per cent of their profits, while companies mining other resources will be required to pay 100 per cent of the royalty on their production to project-affected people.

The total annual burden on miners on account such a move has been estimated at around Rs 11,000. This could erode revenue of miners and also would impact their profitability.

Some weakness in European stocks at mid-session also added to the sell-off.

(Agencies)