With today's plunge, the benchmark index has wiped off all the gains made since the swearing-in ceremony of the new government on May 26, 2014.

The 30-share Sensex after rising over 57 points in early trade, quickly slipped into the negative terrain as investors preferred to trim positions at every rise and hit a low of 24,597.11 before settling 143.01 points or 0.58 percent lower at 24,682.03, its weakest closing since May 30, 2014.

Of the 30-share Sensex pack, 21 lost while nine gained. The NSE Nifty index after cracking 7,500-mark, touched the session's low of 7,487.80.

However, fag-end buying helped the gauge to recover part of the lost ground to settle 53.55 points or 0.71 percent down at 7,510.30.

Sentiment was distinctly weak on a series of negative factors such as concerns over China's growth, crude falling below 31 USD to 12-year lows and caution ahead of IIP data for December and CPI inflation, to be released in the day.

Third quarterly earnings of TCS due later in the day too negatively impacted sentiment, they added. Banking, realty, metal, infrastructure, oil&gas, PSU and IT sectors were hit hardest.

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