Mumbai, May 8 - The BSE benchmark index Sensex fell sharply by 366 points to close at nearly four-month low level on heavy selling in IT, capital goods and banking stocks amid weak global trends.

The 30-share index, which had remained volatile in last few sessions on taxing foreign investors, plunged by 366.53 points, or 2.17 per cent, to 16,546.18, a level last seen on January 18.

The broad-based National Stock Exchange index Nifty dropped 114.20 points, or 2.23 per cent, to 4,999.95.

Brokers said a weakening trend in global markets after France and Greece poll results cast a shadow on eurozone's ability to overcome crisis, influenced the market sentiment.

IT major TCS fell the most among 30 Sensex stocks declining by 5.77 per cent to Rs 1,200.35. Another IT giant Infosys fell 1.59 per cent to Rs 2,391.95.

FMCG major ITC fell by 3.97 per cent to Rs 227.30, while Larsen and Toubro lost 3.7 per cent Rs 1,158.40.

Among banking stocks, HDFC declined by 3.14 per cent, while banking behemoth SBI fell by 3.32 per cent.

Asian markets were mixed today after suffering heavy losses in the previous day on eurozone uncertainty. PTI