The market breadth was negative, with 826 stocks were on the rise, compared to 1,419 on the decline, while 59 remained unchanged.

There was only one gainer among the 30 stocks on the Sensex: BHEL, up 0.38 percent at Rs.2,209.70.

Among losers were Hero Honda, down 5.48 percent at Rs.1,397.15; Hindalco, down 4.39 percent at Rs.103.45; Sterlite, down 4.02 percent at Rs.635.75, and M&M, down 3.85 percent at Rs.758.35.

Other Asian markets were also facing selling pressure with the Nikkei, a key index of the Tokyo Stock Exchange, closing 328.72 points or 3.1 percent lower than its previous close at 10,268.61 points.

The Hang Seng, the primary index of the Hong Kong Stock Exchange, was also ruling in the red at 20,340.85 points, down 2.64 percent or 552.48 points.