IT stocks, metal and commodities decline, global cues sluggish, markets drop more than 1.25%. Investor wealth erodes by Rs 10 lakh crore, Nifty VIX surges 13.36%. Sensex drops 1,048.16 points, Nifty 50 tanks 336.10 points. Large cap giants like HDFC Bank, Reliance Industries, ICICI Bank, HUL, and Eternal contribute to decline.