Benchmark indices which were trading higher for most of the day following a recovery in the rupee, slumped in the last 2 hours of trade.
Most of the PSU banking stocks ended the day with losses despite a better then expected results from State Bank of India.
Fast Moving Consumer Goods major, Hindustan Unilever saw buying interest with the stock gaining as much as 2 per cent in trade.
Other notable gainers were Bharat Heavy Electricals, Hindalco and ONGC. Sun Pharma rallied following a spectacular set of results from Taro.
Jet Airways on the other hand gained after the Competition Commission of India approved its deal with Etihad Airways.
Shriram EPC gained as much as 16 per cent after a block deal to place on the exchanges. Britannia Industries which has been rallying in trade saw some selling pressure despite brokerages maintaining a bullish view on the stock.
Top Nifty losers in trade today were Bharti Airtel, HDFC Bank, Cipla and Gas Authority of India. Shares in Andhra Bank slumped more then 5 per cent, following a dismal set of results.
Meanwhile, most markets across Asia witnessed a sharp fall led by drop in the Shanghai Composite, Seoul Composite and Taiwan Weighted.