Reuters Market Eye - The BSE Sensex falls more than 200 points after four days of gains, while the broader Nifty is down 90 points as blue-chip shares including HDFC fall on profit-taking.
Traders also point to waning hopes of a one-time diesel price hike which may help check India's worsening fiscal deficit situation.
Housing Development Finance Corp Ltd falls 4.7 percent, while ITC Ltd falls 1.8 percent after gaining nearly 4 percent on Monday.
However, foreign institutional investors turn net buyers in the secondary share market after 11 consecutive sessions of selling a total of about $1 billion.
The BSE Sensex was trading down 1.4 percent while the Nifty fell 1.7 percent at 1227 IST.
(Reporting by Abhishek Vishnoi)
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