The benchmark S&P BSE Sensex was trading over 370 points, or 0.96 per cent, lower at 38,448.21 level. On NSE, the Nifty50 was trading at 11,394.10, down 118 points or 1 per cent.
HCL Tech (up 1.7 per cent), Axis Bank (up 1.18 per cent), and ITC (up 1 per cent) were the top gainers at the 30-share index. On the contrary, YES Bank (down 4 per cent), Vedanta (down 2.5 per cent), and Tata Steel (down 2.24 per cent) were the biggest losers.
Sectorally, banks, especially the private lenders, were under pressure in the morning trade. Nifty Bank was down 255 points, or 0.85 per cent, to trade at 29,621 mark. Other indices to trade in the red were Nifty Realty index (down 1.4 per cent), and Nifty Private bank index (down 0.91 per cent).
In the broader market, the S&P BSE mid-cap index was down 0.67 per cent at 14,170 level, while the S&P BSE small-cap index was trading 0.42 per cent lower at 13,273 level.