The top losers on the BSE are banking stocks, almost all are from the private sector banks. Yes Bank continues to get butchered and it is down almost 8% at Rs.240.75 and Axis Bank hit a new 52-week low at Rs.883.25. IndusInd Bank is down almost 6% and even a solid bank like HDFC Bank is down over 5% at Rs.577.10 and HDFC hit a new low today at Rs.694.35.

There are various negatives dogging the markets, with prime concern being a rating downgrade following the passing of the Food Security Bill which the country can ill-afford at this juncture. Rupee is down to 65.50 levels and crude oil is also threatening to rise due to the brewing Middle East crisis. FIIs are on a selling spree and there is a major concern about how the Indian economy will pan out in the coming months.