The market is off its day's low amid rupee recovery and fall in crude oil prices. After digesting election results, investors closely watch movement of political parties for forming the government in Karnataka.
The 30-share BSE Sensex was down 171.57 points at 35,372.37 and the 50-share NSE Nifty fell 58.70 points to 10,743.20.
Oil prices fell, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming US sanctions against major crude exporter Iran.
Brent crude futures, the international benchmark for oil prices, were at USD 78.26 per barrel, down 0.22 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 71.15 a barrel, down 0.22 percent, from their last settlement.
The market extended losses, with the Sensex falling more than 250 points on correction in banks stocks after disappointing earnings by PNB.
The Nifty Bank index is down more than 300 points while the Nifty Midcap slipped a percent.
Technology stocks outperformed as the rupee hit 68 against the US dollar, though RBI intervention helped it to recover sharply from lows of 68.13 a dollar.
The 30-share BSE Sensex was down 281.37 points at 35,262.57 and the 50-share NSE Nifty fell 92.90 points to 10,709.
About three shares declined for every share rising on the BSE.
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