The Sensex is down 0.4 percent, after earlier falling as much as 1.1 percent to its lowest since June 19. The Nifty loses 0.35 percent.
Broader losses capped on brief gains in European shares after a ECB policymaker sees arguments to give a banking license to the region's permanent rescue fund, which allow it to borrow unlimited funds from the central bank.
However, broader domestic sentiment still weak on media reports the government is unlikely to go ahead with a much anticipated hike in diesel prices in the near term.
State-run Oil & Natural Gas Corp falls 0.3 percent.
Recent out-performers also fall, with Hindustan Unilever down 2.4 percent after surging to a record high on Tuesday.
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