The S&P BSE Sensex slipped 708.7 points to 33,538.37 on Thursday, posting its biggest single-day drop in the past 17 trading days, Only five stocks managed to end in green with IndusInd Bank emerging as the top gainer with a jump of 4.5 per cent in its share price. The other four, HeroMotocorp, Power Grid, Nestle and Mahindra & Mahindra, settled the trade just a shy of 1 per cent.  The biggest losers included SBI and Sun Pharma which fell over 5 per cent during the day.    

The fall came after a sharp rally over the last few days. The 30-share index dipped only five times in last three weeks and is expected to consolidate in a range in the next few trading sessions.

"Indian equity markets fell sharply on the back of weak global cues. This is the biggest fall in the last three weeks. Selling pressure was witnessed across the sectors, with PSU Banks (-3.9 per cent) being the worst performer. Private Banks, Auto, Financial Services, Metals and Pharma also fell more than 2 per cent each," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services in note.

Global sentiments turned negative after the US Federal Reserve indicated that the US economy may shrink 6.5 per cent in 2020 and the unemployment rate may stand at 9.3 per cent by the year's end. It also pointed out that the road to recovery could be long and the policy rates may stay near zero till 2022. "On the domestic front, telecom's AGR case in the Supreme Court remained the highlight of the day. The next hearing will be held on June 18. Till then, the apex court has directed the telcos to file a reply on the roadmap of payment and time needed to pay the remaining dues," Khemka added.