A day after crossing the psychological level of 18,000,  the markets on Thursday witnessed heavy profit taking.

The Sensex opened flat at 17,950, tracking subdued global cues. The index soon slipped into the red owing to selling in the auto and the metal stocks.

The weakness in the Asian markets also affected our domestic bourses. The Shanghai Composite and the Nikkei indices shed 1% each.

There was no respite in selling as the spike in food inflation dampened the sentiments. The Sensex plunge to a low of 17,679, down 282 points from the day's high.

The index finally  ended with a loss of 255 points at 17,714 or 1.5%.  The NSE Nifty shut shop at 5,304, down 70 points.

The midcap and the smallcap indices after its initial rally ended 0.5% lower on the BSE.

Welspun Gujarat and Usha Martin slipped 4.5% to Rs 279 and Rs 100, respectively on the midcap index.

GMR Industries and Zuari industries shed 7% each to Rs 110 and Rs 621, respectively on the smallcap index.

INDEX LOSERS. . .

Hindalco dropped 4% to Rs 176. HDFC, ICICI Bank, Tata Motors and Bharti Airtel slipped around 3% each to Rs 2,724, Rs 960, Rs 773 and Rs 313, respectively.

The other prominent losers were Reliance Industries, ONGC, Jaiprakash Associates, Tata Steel, HDFC Bank and Grasim Industries are down over 1.5% each.

. . .AND THE GAINERS

Infosys and DLF are the only marginal gainers, up 0.5% each at Rs 2,657 and Rs 334, respectively.

Among the sectoral indices, oil&gas, metal and the banking stocks ended 2% lower on the Sensex. Cairn India and Reliance Industries slipped 2% each at Rs 303 and Rs 1,104 on the oil & gas index.