The Sensex was trading lower by 164 points, while the Nifty lost 50 points at 9.30 am IST. Among the top losers from the index stocks was Sun Pharma which crashed more than 4.44%, while other stocks that dropped from the Nifty was Ultratech Cements, Jaiprakash Associates and HDFC.
Among the few gainers in trade from the index stocks were Tata Power, Bharti Airtel, NTPC and Hindustan Unilever.
Shares of NMDC dropped 1.6% after the miner, suffered a 15% drop in quarterly sales and said that disruption in operations due to Maoist group activities in Bailadila complex was a challenge.
Idea Cellular jumped 2.66% after the telecom major won airwaves in all seven zones in which it was set to lose its permits.
Rajesh Exports jumped more than 2% after the Gold and diamond jewellery company reported a growth of five per cent in net profit at Rs 112.45 crore.
Banking shares were subdued with ICICI Bank, HDFC Bank and Axis Bank all dropping in trade. Meanwhile, markets in Asia were all trading deeply in the red, except the Japanese Nikkei which was up more than 1% in trade today.