It's a virtual massacre out there on the major Indian bourses this morning as the bears, with high oil prices and weak global markets providing them with the ammunition, continue to go on a rampage. With several blue chip stocks going into a tailspin, the benchmark BSE index Sensex crashed to 14,846.18 a little while ago and was less than 100 points down from a low of 14,677.24 it had touched in intra-day trades on 18 March this year.

At present, the BSE barometer is down with a massive loss of 709 points or 4.55% at 14,863.18. The Nifty has tanked 4.49% or 207.65 points to 4420.15.

Jaiprakash Associates has lost 8.75% and HDFC is closing in on it with a big loss of 8.6%. Reliance Infrastructure, ONGC and DLF are down by 7% - 7.5%.

Ambuja Cements, Bharti Airtel, Tata Motors, HDFC Bank, Reliance Communications, ACC, Wipro, BHEL, State Bank of India and Reliance Industries have lost 4% - 6.5%. Larsen & Toubro, Infosys Technologies, ICICI Bank, NTPC and Mahindra & Mahindra have also posted big losses.

Hindustan Petroleum Corporation has plunged by over 11%. BPCL has crashed by around 10.2%.

India Bulls Real Estate is down by around 11%. United Breweries, HDIL, Moser Baer, Ansal Infrastructure, Bombay Dyeing, GMR Infrastructure, Shree Precoated Steels, TV 18, Hindustan Construction Company, Unitech, Pantaloon Retail, Axis Bank, Nagarjuna Fertilizers, Mangalore Refineries & Petrochemicals and Lanco Infratech are down with sharp losses.