The Sensex touched a low of 14,943, down 318 points from the day's high. The index is now 281 points lower at 14,956.
The BSE Oil & Gas has slipped 3.5% to 10,135 and Metal is down 2.5% at 11,923.
Reliance Infrastructures has advanced 4% to Rs 1,224.
NTPC and Ranbaxy have added 3% each to Rs 227 and Rs 290, respectively.
ONGC, TCS and Hindustan Unilver are the other gainers who are up 1-2.5% each.
Sterlite has tumbled 7% to Rs 668. Reliance has slumped 6.5% to Rs 2,200.
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Tata Power has declined 5.5% to Rs 1,173 and Tata Motors has slipped 4% to Rs 342.
Mahindra & Mahindra, Sun Pharma, Larsen & Toubro and Hindalco are down 2-3% each.
The market breadth is highly negative, out of 2,476 shares traded, 793 have advanced and 1,625 have declined so far on the BSE.