The broader indices saw more sell-off as compared to benchmarks - the BSE Midcap Index was down 2.4 percent and Smallcap down 3.2 percent.
Bajaj Auto, Tata Power, BPCL and Cipla, who among the top gainers, were at 1.76 percent, 1.32 percent, 0.76 percent and 0.72 percent up respectively.
Mah and Mah, Kotak Mahindra, ONGC and Jaiprakash Asso, who among the top losers, were at 6.20 percent, 6.07 percent, 5.56 percent, and 5.43 percent down respectively.
Nifty hits 7 month lows
The benchmark Nifty had dipped seven months low on Tuesday's trade. ONGC was trading in loss, nearly 7 percent. The Nifty held 5320 mark and it was feared to fall below 5200 level.
At 3:00 pm, the BSE Sensex was at 17826.74 down 210.45 points and Nifty was at 5328.70 down 67.30 points.
Sensex trades above 17K at noon trade
At 12:25 PM, the 30-share BSE Sensex was trading at 17,894, down 142 points and the 50-share NSE Nifty fell 46.5 points to 5,349.
The broader indices were seeing major fall as compared to benchmarks - the BSE Midcap and Smallcap indices lost 1.5-2 percent.
HDFC, Bharti, Bajaj Auto, Tata Power, Cipla, ITC, Siemens, PNB and Ambuja Cements were only gainers on Nifty.
ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank slipped 2-3 percent followed by SBI with 0.5 percent fall.
Nifty begins trade on +Ve note
Despite a sharp cut in the previous week, NSE Nifty began the session on a positive note on Tuesday, Feb 8.
At 10:05 am, the 50-share NSE Nifty gained 9 points at 5,405 and the 30-share BSE Sensex rose 25 points to 18,062.
GAIL, BPCL, Ranbaxy Labs, M&M, Dr Reddy's Labs, BHEL, Suzlon, Power Grid, NTPC, Reliance Capital, Reliance Infrastructure and HDFC, who among the frontliners, were witnessing buying interest.
However, the selling in L&T, ONGC, Sun Pharma, ITC, Reliance Industries and HCL Technologies erased some early trade gains.