Equity benchmarks shed gains again, falling nearly 0.5 percent. Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank fell more than one percent.
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Even housing finance company HDFC lost over one percent.
Telecom operator Bharti Airtel slipped over one percent, after Vodafone slashed data charges by 80 percent.
02:50pm Unlisted telecom operator Vodafone India slashed data charges by 80 percent from 10 paise per 10kb to 2p/10kb.
According to the telecom operator, new rate is applicable to 2G pre-paid and post-paid customers. "New rates will be rolled out nationally in a phased manner," Vodafone said.
BPCL may set up another petrochem unit at Kochi with ONGC, reports cogencis quoting sources. It is learnt that ONGC chairman wrote to BPCL chairman to form joint venture for petrochem unit.
02:40pm Expert talks on global markets ahead of Federal Reserve meeting
Global markets could rally utmost 10 percent if Fed Chairman Ben Bernanke indicates continuity in stimulus , says Jeff Chowdhry, Head of Emerging Market Equities, F&C Investments. At some point of time the Fed will have to start reducing QE and interest rates will have to go up, the current volatility is suggesting that global markets are trying to digest that inevitability, he said in an interview to CNBC-TV18.
Given this uncertainty and nervousness, one should be cautious while investing in equities as the markets are likely to remain choppy, he cautions.
Among midcaps, Zydus Wellness, Linde India, BGR Energy and Educomp Solutions rallied 5-6 percent.
Voith Paper Fab, Deepak Nitrite and Zandu Realty, Kilitch Drugs and Arihant Capital surged 20 percent each.
Unichem Labs gained 1.5 percent amid high volumes, after the Foreign Investment Promotion Board has approved Mylan's FDI plan. Mylan had proposed to acquire Unichem's manufacturing business.
Tata Power soared 1.6 percent as brokerage house CLSA upgraded the stock to buy and set a target price at Rs 105 a piece.
JSW Energy rose 0.8 percent, after CLSA upgraded the stock to an outperformer with a target price at Rs 59 a piece.
02:25pm Promoter released 1.11 crore pledged shares of Nitesh Estates, which pushed the stock 7.4 percent higher amid large volumes.
VA Tech Wabag shares jumped 4 percent amid hefty volumes, as its joint venture received order worth Rs 262 crore from Nepal.
02:20pm Metals shares are on buyers' radar. Tata Steel surged 3.56 percent while Hindalco, Jindal Steel and Sterlite Industries gained around one percent.
Infosys extended its upmove to 1.5 percent and Tata Power soared nearly 2 percent.
Commercial vehicle maker Tata Motors trimmed losses to 0.6 percent from 1.9 percent.
02:10pm Equity benchmarks rebounded and broader markets extended gains in afternoon trade, after a recovery seen in European markets and Indian rupee.
BSE Sensex is up 24.03 points at 19349.90, and the Nifty is up 2.35 points at 5852.40 while BSE Midcap and Smallcap indices gained 0.5 percent each.
Indian rupee fell 58 paise to 58.45 per dollar, but recovered from day's low of 58.59 per dollar.
European markets too recovered; Britain's FTSE rose 25 points and France's CAC turned flat after recouping early losses.
The cuts increase in afternoon trade as the Nifty is drifting lower towards the 5800 mark pulled down by cement and rate sensitives.
BSE Sensex slipped more than 70 points to 19255.95 on weak European cues and further depreciation in rupee. The Nifty is down 25.55 points or 0.44 percent at 5824.50.
The market is extremely volatile with the Nifty still below 5850-level. The Nifty is down 17.10 points to be at 5832.95 while the Sensex slips 42.62 points to19283.25.
Equity benchmarks recouped half of early losses, helped by Reliance Industries that gained 0.7 percent. Even State Bank of India turned positive while its rivals ICICI Bank and HDFC Bank trimmed losses.
After making some smart moves on Monday, the market makes a quiet opening today. The Sensex is up 8.20 points at 19334.07, and the Nifty is down 8.15 points to be at 5841.90.
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Go for midcaps in cement space, bullish BPCL, IOC: HDFC Sec