Sensex settled at 43,828.10 down 694.92 points or 1.56% and Nifty 50 completed at 12,858.40 below 196.75 points or 1.51%.
Sensex recorded 3 advances and 27 declines, while Nifty witnessed 7 advances and 43 declines.
In the early deals, Sensex had touched a 52-week high of 44825.37 and Nifty 50 an all-time high of 13,145.85.
However, by the second half trading session of the day, Sensex plunged to an intraday low of 43,757.97 and Nifty shed 12,833.65.
Nifty IT ended at 21,705.90 down 1.62%, while Nifty Pharma at 11,635.20 below 2.07, Nifty Private Banks at 16,232.90 lower by 1.87 and Nifty Auto at 8,738.45 down 1.68%.
However, Nifty PSU Bank finished at 1,509.85 up 1.80%.
On Nifty 50, top gainers were - ONGC (+6%), followed by GAIL (+2%). A 1% surge each was seen in Adani Ports and SBI Life, while Coal India soared marginally.
Meanwhile, underperformers on Nifty were - Eicher Motors (-4%), followed by Axis Bank and Kotak Bank which plunged by 3% each. Sun Pharma and Bajaj Finance dropped between 2-2.5%.
The domestic equities logged huge profit booking today ahead of November futures and options series expiry. Apart from this, investors worry over rising Covid-19 cases and fresh lockdown fear takes a toll.
Asian stocks closed mixed with Japan's Nikkei 225 rising by 130 points, Hong Kong's Hang Seng and Australia ASX All Ordinaries surging marginally.
However, South Korea's KOSPI index and China's Shanghai SE Composite Index plunged by 1% each.