The market breadth was negative with 367 stocks advancing compared to 1,774 declining. Fifty-three remained unchanged.

Among the very few gainers on the Sensex at this time were ACC, up 2.49 percent at Rs.781.45; Grasim, up 1.55 percent at Rs.2,454; Tata Motors, up 1.48 percent at Rs.284; and Maruti Suzuki, up 0.65 percent at Rs.1,087.

The losers included Tata Steel, down 6.56 percent at Rs.372; Sterlite, down 6.46 percent at Rs.557.50; ICICI Bank, down 6.02 percent at Rs.653.15; and DLF, down 5.99 percent at Rs.289.65.

In other Asian markets, the Nikkei 225 Stock Average, a key index of the Tokyo stock exchange, closed 227.04 points down to end Wednesday's trade at 9,420.75 points.

The Hang Seng, a primary index of the Hong Kong stock exchange, was ruling in the red at 17,560.97 points, down 301.30 points.