Mumbai: Market benchmark Sensex broke below the 28,000-mark today after sliding 119 points as investors booked profits in recent winners amid caution ahead of key meetings of central banks in the US and Japan.
The broader NSE Nifty also failed to maintain the key 8,600-level.
Shares of the country's largest carmaker Maruti Suzuki plunged 1.44 per cent to Rs 4,485.25 despite reporting a 23 per cent jump in profit for June quarter to Rs 1,486.2 crore.
Drug major Dr Reddy's Laboratories plummeted 4.37 per cent to Rs 3,322.85 after its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter.
Offloading of positions by participants on upcoming July derivatives expiry on Thursday also influenced sentiment.
"With earnings season failing to sizzle so far and GST poised to face hurdles, stocks faced a confidence crunch and came off the lofty peaks seen yesterday," said Anand James Chief Market Strategist Geojit BNP Paribas Financial Services.