Market drifts lower; plunged on Shanghai jitters: Indian stocks plunged on Tuesday, after a sudden sell-off in Chinese markets led to a correction in other Asian markets, including India. The Nifty slipped below its crucial psychological support level 8,350 and S&P BSE Sensex also slipped below its crucial support level of 28000 led by losses in ONGC, L&T, ITC and ICICI Bank. The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE. Chinese stocks posted their biggest one-day percentage fall in five years (since 2009), down 5.43 percent, or 163.99 points, at 2,856.27, on news that China's securities clearing house had tightened the use of corporate bonds as collateral for short-term financing. In the foreign exchange market, the rupee edged lower against the dollar as Indian stocks dropped.