Benchmark indices opened the day lower once again with the Sensex briefly slipping below the 26,000 points mark.
The Sensex was last trading 208 points lower at 26,081 points, while the Nifty was down 60 points in trade.
The banking index was seeing deep cuts in early trade with top private and public sector banks falling. ICICI Bank, State Bank of India, IndusInd Bank, Canara Bank, Axis Bank and PNB were all down more than one per cent.
The IT index was the only index seeing decent gains with TCS and Infosys helping the indices.
Mid cap stocks also fell in trade with stocks like Crisil, Bank of India and Century Textiles among the top losers.
Select stocks from the infrastructure and capital goods space reacted to poor GDP numbers. Larsen and Toubro, Bhel and Crompton Greaves were among the losers.
Meanwhile, almost all of the Asian markets were trading with losses led by the Shanghai Composite, Taiwan Weighted and the Japanese Nikkei.