New Delhi - Indian equities dropped about 5 per cent soon after opening Tuesday, largely because investors were selling stocks to lock in profits from previous gains, given the gloomy global economic outlook and negative trading on other Asian markets, analysts said.
The 30-share Sensitive Index of the Bombay Stock Exchange traded at 10,006.1 shortly after noon (0700 GMT), 5.03 per cent below Tuesday's close.
The broader 50-share Nifty of the National Stock Exchange was down 4.92 per cent at 2993.25.
The Indian indices had gained more than 8 per cent during the past two trading days, and Tuesday's losses were registered by the same counters that had seen the largest gains - metals, banking, and oil and gas.