Equity benchmarks fell sharply in opening trade, with the Sensex losing more than 300 points and the Nifty trading near 9,700 level.
The 30-share BSE Sensex was down 287.79 points or 0.91 percent at 31,243.54 and the 50-share NSE dropped 93.55 points or 0.95 percent at 9,726.70.
Power Grid, Tech Mahindra and Wipro were only gainers among Nifty stocks. The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.
About 11 stocks declined for every share rising on the NSE. J Kumar Infra and Prakash Industries fell 20 percent each after beginning of trade for first time in last four consecutive sessions.
JP Associates, Indo Count, Balaji Telefilms, SCI and Indo Amines fell up to 6 percent. However, Gujarat Gas and MOIL rallied 4 percent after earnings.