The Sensex is down 229.24 points or 0.9 percent at 24624.87 and the Nifty slips 80.75 points or 1 percent at 7481.65. About 252 shares have advanced, 1615 shares declined, and 65 shares are unchanged.
Infosys is up 4.5 percent. Tata Steel is down 5 percent while Tata Motors, Hindalco, Axis Bank and L&T.
International market outlook
Despite the market focus on an oil supply surplus, demand side pressures are also hurting prices, as world trade growth slows, a top HSBC economist said on Thursday.
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