The NSE Nifty is down 89 points at 4,344.
"The weakening of overseas markets spread its shadow over the Indian market also. Disappointingly, the recovery of US economy is still to see light at the end of the tunnel. The Indian investors are not happy with the first quarter result of Reliance Industries, which posted 13 per cent rise in profit. Next two quarters will be most challenging for the corporate houses because of economy slowdown and stock market slump. Indian market wants the crude to be below $100 a barrel, which is yet to happen," said Ketan Karani, vice president, Kotak Securities.
ICICI Bank has slumped nearly 9% to Rs 662. HDFC Bank has tumbled over 7% to Rs 1,128, and HDFC has shed 6.5% at Rs 2,202.
Reliance has dropped 7% to Rs 2,147. Reliance Infrastructure has shed 3.5% at Rs 992.
ONGC and Jaiprakash Associates have dropped 3% each to Rs 996 and Rs 166, respectively.
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Tata Motors, SBI, Larsen & Toubro and Ambuja Cements have slipped over 2% each to Rs 430, Rs 1,445, Rs 2,654 and Rs 81, respectively.
Maruti has declined 1.8% to Rs 607. Cipla and Tata Steel are down 1.5% each at Rs 228 and Rs 622, respectively.
Hindalco and Ranbaxy have surged around 3% each to Rs 157 and Rs 481, respectively. Reliance Communications has rallied 2.3% to Rs 513.
Hindustan Unilever and Satyam have gained around 2% each at Rs 232 and Rs 376, respectively.
Out of 2,506 stocks traded so far, 1,462 have declined, 951 have advanced and 93 are unchanged.