A day before the GST Council meeting, the S&P BSE Sensex index plummeted over 500 points to slide below the 36,000-mark for the first time since March 5. The NSE Nifty 50 index dropped as much as 170 points.

Reliance Industries (RIL), ICICI Bank, TCS, HDFC and Infosys contributed the most to the Sensex’s fall.

Yes Bank was the top loser in the Nifty 50 basket of shares as the stock fell 15 per cent to hit an intraday low of Rs. 54.55. Indiabulls Housing Finance, Tata Steel, IndusInd Bank, ICICI Bank, Vedanta, Mahindra & Mahindra, Maruti Suzuki and Reliance Industries were also among the losers, down between 2.2-2.8 per cent each.

Tata Motors, Bharti Airtel, Asian Paints, Britannia Industries and Coal India were among the notable gainers in the Nifty.

In the broader market, the S&P BSE MidCap index dipped 154 points or 1.15 per cent to 13,285 levels, and the S&P BSE SmallCap index closed at 12,703.27, down 191 points or 1.48 per cent.

Asian shares turned lower on Thursday after the US Federal Reserve cut interest rates as expected but signalled a higher bar to further policy easings. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.36 per cent. Hong Kong shares shed 0.96 per cent, but Japan’s Nikkei rose 1.01 per cent.

US stock futures fell 0.23 per cent in Asia on Thursday. The S&P 500 reversed losses to end 0.03% higher after Powell said he did not see an imminent recession or think the Fed will adopt negative rates.

The market is eagerly awaiting the GST Council meeting scheduled on September 20.

Among the slew of expectation, Dalal street expects a GST rate for the auto sector from 28 per cent to 18 per cent. However, with the approval of such rate cut, the government will have to forgo a substantial portion of the tax, especially at a time when the tax collection is already lower than expectations.