The market fell in opening trade on weak global cues. Rate sensitive banking and realty stocks lost as some prominent banks hiked their lending rates in line with recent tightening of monetary policy by the Reserve Bank of India. Reliance Communications (RCom) dipped more than 12 per cent on disappointing Q1 results. Reliance Industries also slipped.
The market breadth was weak. Later, the current level of 30-share BSE Sensex was down 32.82 points or 0.23 per cent at 14,322.93 points. At the day's low of 14,032.87, the Sensex lost 322.88 points in early trade.
The broader based S &P CNX Nifty index of National Stock Exchange (NSE) also was down 58.35 points or 1.35 per cent at 4,274.60.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell by 1.05 per cent to Rs 2,183.
Realty stocks also fell. India's largest-listed realty firm, DLF declined by 4.31 per cent to Rs 487.35 despite better performance result. Unitech was down by 1.5 per cent to Rs 161 and Indiabulls Real Estate eased by 0.91 per cent to Rs 283.95.
HDFC Bank was down by 2.92 per cent to Rs 1,064 and State Bank of India eased by 2.18 per cent to Rs 1,382.20 edged lower, leading brokers said.