Dominated by selloff in index heavyweights along with other weak domestic and global cues made benchmark indices trade plunge over 1 percent. The Sensex cracked over 500 points, while the Nifty ended below the 10,200 levels.

The closure of this level for the Nifty has happened for the first time in seven sessions, while the Sensex has posted the biggest one-day fall since February 6\.

There was heavy selling seen across midcaps, along with weakness in auto, FMCG, infra and metal names.

Selling pressure intensified especially after a key ally of the ruling coalition decided to exit NDA.

The NSE Nifty was down 165 points or 1.59 percent to 10,195.20\. About two shares declined for every share rising on the BSE.

Midcaps also participated in the correction, with the Nifty midcap index falling around 1 percent.

For the week, benchmark indices fell up to 0.4 percent, while a bigger fall was seen in the midcap index, down over 1 percent for the week as well.