Equity benchmark Sensex fell over 200 points in early trade on January 19, led by losses in IT and banking stocks amid a weak global trend.
The 30-share barometer fell 208.38 points, or 0.34%, to 60,546.48 in early trade.
The broader NSE Nifty fell 84.95 points or 0.47% to 18,028.10 as 38 of its constituents were trading in the red.
Among the major Sensex losers, Infosys fell 1.7%, Wipro 1.41%, Tech Mahindra 1.07%, TCS 0.77% and HCL Tech 1.09%, in line with the global fall in technology stocks.
Among banking stocks, IndusInd Bank was down 1.33%, while HDFC Twins fell up to 0.8%.
On the other hand, auto stocks Maruti Suzuki and M&M rose over 1%. Bajaj Finance gained 3.34% and Bajaj Finserv gained over 1%.
Tata Steel, Reliance Industries, Power Grid and Titan also advanced, limiting losses in the major indices.
Foreign investors remained net sellers in the Indian equity markets as they sold shares worth Rs 1,254.95 crore on January 18, according to stock exchange data.
Asian markets were trading lower after a broad sell-off on Wall Street on January 18 as bond yields jumped amid renewed fears that the US Federal Reserve would act more aggressively than expected to tackle rising inflation.
The S&P 500 dropped 1.8%, the Dow Jones fell 1.5% and the Nasdaq 2.6% as deep losses in technology stocks.
Experts said Treasury yields are rising on expectations of a rate hike by the US Fed. The 10-year Treasury hit 1.87% on January 18, the highest since January 2020.
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