The Sensex is now down 161 points at 10,374. Earlier in the day, the index opened with a negative gap of 251 points at 10,284, and touched a low of 10,172 - down 363 points from the previous close.
Hindalco has slumped 4.5% to Rs 57. ICICI Bank has plunged 3.7% to Rs 361.
HDFC Bank, Infosys and Sterlite have plunged around 3.5% each to Rs 1,025, Rs 1,366 and Rs 373, respectively.
Mahindra & Mahindra and ONGC have also shed around 3.5% each at Rs 450 and Rs 856, respectively.
Reliance Communications, DLF, SBI and Bharti Airtel have slipped over 3% each to Rs 211, Rs 203, Rs 1,093 and Rs 639, respectively.
Grasim and Reliance Infrastructure have declined 2.3% each to Rs 1,531 and Rs 599, respectively.
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Tata Motors has zoomed 5.8% to Rs 221. NTPC has surged 2.8% to Rs 190.
Sun Pharma has rallied 2% to Rs 1,090. Hindustan Unilever has advanced 1.7% to Rs 231, and Ranbaxy is up over 1% at Rs 185.
The market breadth is positive - out of 2,328 stocks traded so far, 1,627 have advanced, 637 have declined and 64 are unchanged.