Market benchmark BSE Sensex dropped over 100 points in early trade on Wednesday dragged by losses in index heavyweights HDFC twins, RIL, ITC and TCS amid tepid global cues.
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After opening marginally higher, the 30-share index slipped into the negative terrain to trade 113.84 points, or 0.28 percent, lower at 40,134.39.
Similarly, the broader NSE Nifty fell 32.60 points, or 0.27 percent, to 11,884.60.
Top losers in the Sensex pack included Bharti Airtel, HCL Tech, ITC, Axis Bank, Bajaj Auto, HDFC duo, TCS and Reliance Industries, shedding up to 1.65 percent.
On the other hand, Sun Pharma was the biggest gainer, rallying 5 percent, after the drug major said it had entered a licensing agreement with AstraZeneca UK to introduce certain novel ready-to-use infusion oncology products in China.
Tech Mahindra, Yes Bank, Infosys, Vedanta, M&M and L&T too fell up to 1.13 percent.
The NIFTY PSU Bank index slipped nearly 2 percent, with Central Bank of India shedding over 5 percent, while Corporation Bank rose more than 2 percent ahead of quarterly results, reported Reuters.
Telecom stocks were also under pressure, with Vodafone Idea declining as much as 7.1 percent, while Bharti Airtel inched 1.4 percent lower.
This comes after a report said the government would not waive off dues of telecom operators under a Supreme Court verdict on the definition of adjusted gross revenue.
In the previous session, the 30-share Sensex settled 53.73 points, or 0.13 percent, lower at 40,248.23. The Nifty too slipped 24.10 points, or 0.20 percent, to close at 11,917.20.
Foreign institutional investors (FIIs) purchased shares worth Rs 473.17 crore in the capital market on Tuesday, while domestic institutional investors sold equities worth Rs 1,593.71 crore, data available with stock exchange showed.
According to traders, stock-specific action amid lack of directional cues kept market sentiment subdued.
Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a cautious note as reports that a disagreement between the US and China over tariffs weighed on global investors.
Shares on Wall Street ended a tad lower on Tuesday.
On the currency front, the rupee depreciated 9 paise against the US dollar to trade at 70.78 in early session.
Brent futures, the global oil benchmark, fell 0.64 percent to $62.56 per barrel.
— With inputs from agencies
Updated Date: Nov 06, 2019 11:41:39 IST