Equity benchmark Sensex dropped over 130 points in early trade on Tuesday tracking losses in index-heavyweights Infosys, TCS and Reliance Industries amid a weak trend in global markets.
The 30-share BSE index was trading 135.05 points or 0.29 per cent lower at 46,118.41.
Similarly, the broader NSE Nifty fell 48.55 points or 0.36 per cent to 13,509.60.
Axis Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by ONGC, M&M, ICICI Bank, Asian Paints, SBI, HUL, L&T, Titan, Infosys and TCS.
Reliance Industries was trading 0.38 per cent lower in early deals.
On the other hand, NTPC, HDFC Bank, HCL Tech, UltraTech Cement, Maruti and Bajaj Auto were among the gainers.
Traders said financials stocks and select banking counters witnessed heavy selling pressure, which dragged the indices down.
A weak trend in the Asian and global markets also influenced market sentiment, they added.
In the previous session, the 30-share BSE Sensex ended 154.45 points or 0.34 per cent higher at 46,253.46, its new closing record. The NSE Nifty rose 44.30 points or 0.33 per cent to a record 13,558.15.
Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 2,264.38 crore on a net basis on Monday, according to provisional exchange data.
Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo were all trading on a negative note in mid-session deals.
The US stocks closed mostly lower on Wall Street.
Meanwhile, the global oil benchmark Brent crude futures were trading 0.44 per cent lower at USD 50.07 per barrel.