The 50-share Nifty nosedived 157.90 points to close below 8,500-mark. The index had closed at 8,341.40 on March 27.

Lower closing in other Asian markets combined with India's exports falling 21 percent in March to a six-year low also weighed on markets, traders said.

The bullish trend in Indian markets over the last one year was mainly driven by "positive surprise on rate cycle, lower oil prices and reforms news-flow" but hereon, actual earnings
and macro data points would matter increasingly, UBS cited.

"The revised target also reflects our view of the growth recovery being slower-than-expected, as is playing out in quarterly corporate results," it added.
The 30-share Sensex opened up more than than 95 points, but on emergence of profit-booking in realty, FMCG and IT it dipped to the session's low of 27,802.37.

The 50-share NSE Nifty plunged by 157.90 points or 1.83 per cent to close at 8,448.10, while moving between 8,619.95 to 8,422.75 intraday.

Concerns by foreign investors over retrospective taxation weighed on trading sentiments, traders said.

RIL was the worst performer on Sensex and Nifty with over 4.40 percent plunge. It had posted 8.5 per cent fourth quarter profit growth after market hours last Friday.

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