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Equity benchmark Sensex declined over 400 points in late morning trade to slip below the 61,000 mark on Thursday, tracking heavy losses in auto, IT and banking stocks amid a negative trend in global markets.
Besides, a weak rupee against the dollar also impacted domestic equities, traders said.
At 11 am, the 30-share BSE index was trading 428.53 points or 0.70 per cent lower at 60,605.02.. Similarly, the broader NSE Nifty fell 124.25points or 0.68 per cent to 18,032.75 .
Tat Motors was the top loser in the Nifty pack, shedding 4.70 per cent, followed by Tech Mahindra, M&M, Axis Bank, Tata Steel, RIL, HDFC, Maruti and Infosys.
On the other hand, Dr Reddy's, HUL, Hero Motors, Coal India, Bharti Airtel, PowerGrid and Sun Pharma were among the gainers.
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The rupee fell 17 paise to 81.64 against the US dollar in early trade on Thursday.
Foreign institutional investors (FIIs) remained net buyers in the Indian capital market on Wednesday, as they bought shares worth ₹386.83 crore, as per exchange data.
International oil benchmark Brent crude was trading 0.06 per cent lower at $92.71 per barrel.
Asian markets lower
In Asian markets, bourses in Tokyo, Shanghai, Seoul and Hong Kong were trading with significant losses.
Equities on Wall Street ended lower in the overnight session on Wednesday.
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