Benchmark indices opened the day sharply lower in trade led by losses in Tata Motors, which slumped following a poor set of results.
Tech Mahindra which also reported a poor set of results was down a huge 12 per cent in trade after the company's results lagged estimates.
There was a slight sentimental impact of Tech Mahindra on other IT shares with Infosys, TCS and Wipro all among the losers.
Bharat Heavy Electricals which managed to report a good set of numbers was trading with gains of one per cent after its results beat forecasts.
Most of the banking stocks were also having a weakish session in trade with ICICI Bank, Axis Bank and State Bank among the early losers.
Canara Bank hit a 52-week low for the second day in a row after the bank's non performing assets increased.
Other banking stocks managed to hold some ground with Union Bank of India and Syndicate Bank among the gainers on hopes that the Reserve Bank of India would cut interest rates next week.
Meanwhile, markets across Asia were trading with losses, except the Shanghai Composite which rallied to fresh 7 year highs on sustained buying.
Most of the markets were down following weak cues from the US markets which fell on strength in the US dollar.