At close, Sensex was 1,939 points, or 3.80 per cent, down at 49,099.99 while Nifty was at 14,529.15, down 568 points or 3.76 per cent. ONGC was the worst performer, followed by Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, Grasim and Axis Bank. Small-cap stocks held their ground relatively better as the S&P BSE SmallCap index settled only 0.7 per cent down. The S&P BSE MidCap index, on the other hand, ended 1.75 per cent lower. Nifty Bank tanked 4.63%, along with a 4.86% fall in Nifty Financial Services. The Nifty Metal and Auto indices dropped 3 per cent while the Nifty FMCG, IT, and Pharma indices slipped 2 per cent each. Volatility spiked to an eight-month high of 28.05 points, jumping 22.54%.