Forex traders said rising brent prices and firm US dollar index also weighed on the local unit.

BSE Bankex (down 5.39 per cent) was the top sectoral loser, with all constituents deep in the red.

PSU banks worst hit, followed by media, metal and auto sectors.

Post the RBI rate cut, the focus soon shifted to the impact on the GDP growth.

The benchmark gauge is trading at 12.4 times 12-month estimated earnings.

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The market breadth was neutral with gainers and losers nearly equal in number.

At 9.50 a.m., the BSE Sensex was trading at 38,597.53, lower by 1,148.13 points or 2.89 per cent from the previous close of 39,745.66.

Domestic investors have lost Rs 6.3 lakh crore in equity wealth in the last five sessions.

Nifty is now stone’s throw away from the February low of 11,614, which is a key support.

Markets will continue to remain jittery until the virus comes under complete control.

Market breadth was neutral as gainers and losers were almost equal in number on BSE.

Market rally was broad based with all the NSE sectors ending in the green.

Market breadth was negative with declining shares outpacing advancing ones in ratio of 3:2 on BSE.

IT and pharma shares lent some support to the markets and capped losses.

Telecom was the biggest sectoral loser on BSE, as it eroded 3.79 per cent.