Markets tumble in closing hour, Sensex closes at 38,731

Equity benchmark indices wound up lower on Thursday after witnessing heavy selling pressure in the final hour of trading and losses in metal stocks.

The S & P BSE Sensex opened above 39,100 mark, touched a high of 39,262 but closed 324 points lower from yesterday's close at 38,731.

Panic selling in the closing hour of trading session also pulled the Nifty 50 down 84 points to close at 11,642.

All sectoral indices wrapped up in the red, except realty.

Significant losses in Reliance Industries, HDFC Bank, Infosys and ICICI Bank weighed on the broader index in afternoon trade.

Bharti Infratel fell as much as 9.6 per cent due to subdued corporate results. The other prominent losers were Tata Steel, Vedanta, Maruti and Hindalco.

Those which showed gains were Ultra Cement, Grasim, Dr Reddy, Bharti Airtel and Bharat Petroleum.

Meanwhile, Asian shares were mixed with investors remaining cautious after the United States told countries buying Iranian oil to stop purchases by May 1 or face economic sanctions.

Chinese equities moved between gains and losses as investors weighed how Beijing will slow its pace of policy easing after strong first-quarter economic growth.

Stocks declined in Seoul and Hong Kong but Japan's benchmarks were flat.