The Sensex is now down 129 points at 14,988.
The NSE Nifty is down 33 points at 4,491.
ICICI Bank and DLF have plunged over 2% each to Rs 693 and Rs 543, respectively.
Grasim, Tata Motors and SBI have shed 2% each at Rs 2,047, Rs 435 and Rs 1,495, respectively.
Jaiprakash Associates, Satyam and Mahindra & Mahindra have slipped nearly 2% each to Rs 184, Rs 409 and Rs 565, respectively.
Infosys and ACC have dropped 1.8% each to Rs 1,691 and Rs 628, respectively.
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BHEL has declined 1.5% to Rs 1,748. HDFC Bank, TCS, Wipro and Reliance Infrastructure are down over 1% each to Rs 1,239, Rs 842, Rs 444 and Rs 1,014, respectively.
ONGC has surged 3.5% to Rs 1,060. Sterlite has rallied 2.5% to Rs 630, and Tata Steel has added 1.5% to Rs 653.
Tata Power is up over 1% at Rs 1,062.
The market breadth is a tad negative - out of 2,389 stocks traded so far, 1,172 have declined, 1,137 have advanced and 80 are unchanged.