After slipping below the 24,000-mark in early trade and tumbling 277 points to touch a low of 23,743.79, benchmark Sensex continued to linger in the red, although it has managed to erase some of its early losses in early noon trades.
Persistent foreign fund outflows coupled with weakening rupee against the dollar and weak Asian market cues resulted in the sentiment staying bearish for the third straight session.
In February so far, foreign institutional investors have offloaded local shares worth Rs 1,343 crore while taking the total fund outflows to Rs 12,815 crore in the current year till date.
At 12.10 pm, the 30-share BSE S&P Sensex was at 23,833.30, down 187.68 points, or 0.8 percent from previous close. In last two sessions, the Sensex has shed nearly 600 points or 2.4 percent mainly on the back of weak global markets sentiment and volatile currency. Adding today's low level, the Sensex has nearly 900 points in three sessions so far.
The broader 50-stock CNX Nifty was at 7,235.70, down 62.50 points, or 0.9 percent.
Among other Asian indices, Japan's Nikkei was down 2.3 percent at 15,713.39 while Chinese markets are shut on account of Lunar year celebrations.
Leading the fall in Sensex pack, Adani Ports tumbled 4.7 percent to Rs 200.15, followed by Tata Motors which plunged 3.8 percent to Rs 298.70 and Dr Reddy's which was down 3.4 percent at Rs 2,860.10.