The BSE Sensex was trading at 358.02 points or 0.61 percent lower at 58,767. While, the NSE Nifty declining 78 points or 0.44 percent at 17,540.
Bank Nifty was down by nearly one percent whereas Nifty oil and gas gained one percent.
Maruti Suzuki was the top index dragger, down 2.41 percent, followed by Bajaj Finserv, HDFC Bank, ICICI Bank and Titan Company.
M&M was the top index gainer, rising 0.86 percent, followed by Power Grid Corporation of India, UltraTech Cement, TCS and Sun Pharma.
In the international market, the Asain benchmarks, bourses in Tokyo and Seoul were trading in losses in mid-session deals. Shanghai and Hong Kong share markets were closed for a holiday.
Wall Street equities closed with significant losses in the overnight session.