The Sensex has extended losses to touch a low of 16,732. The index is now at 16, 737, down 100 points. The NSE Nifty is at 4,969, down 25 points.
The Bankex index slipped 1% to 9,792.
The market breadth is marginally positive, out of 2,617 shares traded, 1,301 advanced and 1,222 declined on the BSE so far.
Tata Motors has slumped 5% to Rs 560. SBI has declined 2.5% to Rs 2,063.
ITC, HDFC, ICICI Bank and Hero Honda have declined over 1.5% each.
Bharti Airtel has advanced 4% to Rs 347. Reliance Communications has added 2.5% to Rs 253 and ONGC is up 2% at Rs 1,225.