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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.
In a report, global brokerage firm UBS cut its Nifty target for December this year to 9,200 from 9,600 amid slower-than-expected recovery in growth.
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 said.
"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 barometer finally settled the day lower by 555.89 points or 1.95 percent at 27,886.21.
This was the fourth consecutive session of downtrend in the 30-share index, which has now lost around 1,160 points since crossing 29,000-levels last Monday.
The 50-share NSE Nifty plunged by 157.90 points or 1.83 percent 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 percent fourth quarter profit growth after market hours last Friday.
"While the expectations from the results are already low, concerns with respect to the delayed recovery in corporate earnings in the backdrop of a slower-than-expected economic recovery has overtaken sentiments in the short-term," said Hitesh Agrawal Head of Research at Reliance Securities.
Out of 30 Sensex stocks, 28 ended in negative zone, while only Sun Pharma and ICICI Bank managed to rise.
Sectorwise, the BSE realty index suffered the most by losing 2.78 percent, followed by FMCG 2.71 percent, capital goods 2.17 percent, IT 2.08 percent, power 2.04 percent and oil and gas 1.91 percent.
Asian stocks ended lower as China shares dived as fears of a regulatory crackdown on the world's hottest stock market offset its central bank's move to bolster the slowing economy.
Key indices in China, Hong Kong, Japan, Singapore and Taiwan fell in the range of 0.09 percent to 2.02 percent, while South Korea's Kospi moved up by 0.19 percent.
European markets were trading mixed as indices in France and Germany firmed up by 0.46 percent and 0.46 percent, respectively, while in the UK was quoting down 0.19 percent.
On the Sensex, RIL was the biggest loser with a fall of 4.46 percent, followed by Hero MotoCorp at 3.96 percent, Cipla 3.03 percent, M&M 2.96 percent, Axis Bank 2.94 percent, ITC 2.77 percent, HDFC 2.69 percent, L&T 2.51 percent, ONGC 2.47 percent and Dr Reddy's 2.44 percent.
Among BSE sectoral indices, realty fell by 2.78 percent, followed by FMCG 2.71 percent, consumer goods 2.17 percent, IT 2.08 percent, power 2.04 percent and teck 2.02 percent.
Smallcap and midcap indices also fell by 2.17 percent and 2.02 percent, respectively due to heavy selling pressure.
Market breadth remained negative as 1,961 stocks closed in the red, 878 gained, while 103 held steady.
Total equity turnover rose further to Rs 5,004.48 crore from Friday's level of Rs 3,456.92 crore.
First Published: Monday, April 20, 2015, 17:16
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