The two key equity benchmarks, Sensex and Nifty, on Wednesday opened with sharp cuts tracking weakness in Asian stocks.
At 10.15 am, the BSE Sensex extended its loss and declined 533 points to 51,998, while the broader NSE Nifty was trading at 15,462, down 176 points.
On the 30-share BSE platform, Maruti, TCS, and HUL are the only three leading constituents, while the rest were in the red. Maruti was the top gainer, up 0.92 per cent, while Tata Steel was the prime loser, down 3.65 per cent.
In the broader markets, the BSE MidCap and SmallCap indices were in the negative territory, falling up to 0.8 per cent.
Sectorally, Nifty oil and gas, metals, realty, banks were the worst hit, down 1-3 per cent, while pharma and FMCG held marginal gains. On NSE, 12 out of the 15 sector gauges were trading in the red.
The overall market breadth was negative as 955 shares were advancing, while 1,365 were declining on the BSE.
In their previous session on Tuesday, Sensex had surged 934 points (1.81 per cent) to close at 52,532 on Tuesday, while Nifty had moved 289 points (1.88 per cent) up to end at 15,639.
The rupee depreciated 4 paise to 78.17 against the US dollar in opening trade on Wednesday, tracking a muted trend in the domestic equity market and a firm American dollar.
However, lower crude prices in the international market supported the local unit and restricted its fall, forex dealers said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 104.61.
Global oil benchmark Brent crude futures slumped 3.47 per cent to $110.67 per barrel.
Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,701.21 crore, as per exchange data.