Snapping a winning streak of last three sessions, the BSE Sensex on Wednesday slipped by 287.47 points at 39,662.99 on selling pressure in banking and IT stocks amid negative global cues.
The Nifty of National Stock Exchange (NSE) also dropped by 87.45 points to trade at 11,878.15.
In the broader market, the S&P BSE MidCap index fell by 0.50 per cent and the S&P BSE SmallCap index slipped by 0.24 per cent.
The sectoral indices like Consumer Durable, FMCG, Health Care, Industrials, IT and Bankex dragged the market in early trade.
The sensex registered intra-day high and low at 39,982.10 and 39,657.63 respectively.
The NSE registered intra-day high and low at 11,962.45 and 11,876.85 respectively.
The losers were Yes Bank by 3.12 pc to R 134.95, Kotak Bank by 1.97 pc to Rs 1477.75, Bajaj Auto by 1.59 pc to Rs 2943, Bajaj Finance by 1.54 pc to Rs 3492.95 and HeroMoto Corp by 1.51 pc to Rs 2734.
The gainers were Tata Steel by 2.64 pc to Rs 505.80, VEDL by 1.77 pc to Rs 172.25, Sun Pharma by 1.24 pc to Rs 394.65, ONGC by 0.89 pc to Rs 170.50.