Snapping its two-session winning streak, the benchmark BSE Sensex fell around 200 points in early trade on Wednesday, as investors offloaded positions ahead of March F&O expiry and the end of the financial year.
A weak trend at other Asian bourses after a sharp fall on Wall Street, driven by technology stocks, also weighed on market sentiment.
The 30-share BSE Sensex was trading lower by 195.20 points or 0.59% at 32,979.19 at 10.24 am. The gauge had gained 577.85 points in the previous two sessions.
The NSE Nifty 50 too fell by 61.50 points or 0.60% to 10,122.65 at 10.24 am.
All the sectoral indices on the BSE, led by metals, PSU, power and banking stocks, were trading in the red, falling up to 1.34%.
Major losers that dragged down key indices were Tata Steel, Bharti Airtel, ONGC, ICICI Bank, Adani Ports and NTPC, declining up to 2.56%.
Investors are cutting bets on the last trading session of March F&O expiry and the end of financial year 2017-18, brokers said.
Markets will remain closed on Thursday and Friday on account of Mahavir Jayanti and Good Friday, respectively.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,063.12 crore, while DIIs made purchases to the tune of Rs 2,172.91 crore on Tuesday, provisional data showed.
Elsewhere in Asia, Hong Kong’s Hang Seng shed 1.29%, while Japan’s Nikkei was down 1.77% in early trade on Wednesday. The Shanghai Composite Index too fell 0.76%.
The US Dow Jones Industrial Average ended 1.43% lower on Tuesday.>