The market extended losses with the Sensex falling 169.13 points or 0.72 percent to 23241.05. The Nifty held 7050 level amid pressure, down 49.65 points or 0.70 percent to 7059.90.
The market breadth was weak as about two shares declined for every share advancing on the BSE.
ICICI Bank and HDFC Bank continued to be leading contributors to Sensex's fall, down 1-2 percent. Axis Bank was down over 1.5 percent.
Tata Motors plunged over 2 percent after around 300 workers went on flash strike at company's Sanand plant on Tuesday, though the company says work is not disrupted at plant.
Infosys, HUL, Reliance Industries and GAIL were gainers in morning trade. Maruti Suzuki gained 0.2 percent after the company resumed its production of vehicles in Gurgaon & Manesar facilities.
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