The benchmark Nifty touched an intraday low of 5290 in early trade, which fell 53 points to 5,306.45. Meanwhile, the benchmark Sensex plummeted 177.5 points to 17,459.52, weighed down by 36 stocks.
The market has been falling since previous two weeks.
"Even as the rupee's unexpected strength this year started to mitigate macro risks, the spike in oil prices appears to have undone much of this. However, we believe there is event risk on the horizon with UP election results, the Union Budget and RBI's rate decision. We recommend staying invested, especially because fiscal consolidation is now an imperative, even after considering populist overtones of the govt," explains Prabhat Awasthi of Nomura.
Among sectoral indices, the BSE Metal Index tanked nearly 2 per cent while Bank and Capital Goods indies lost 1.7 per cent each.
Shares of private sector lenders ICICI Bank and HDFC Bank tumbled 2 per cent while rival SBI slipped nearly 2 per cent.
Index heavyweights Reliance Industries and Infosys were down about a percent.
Metals stocks like JSPL, Tata Steel, Sterlite Industries and Hindalco dropped 1-3 per cent. Capital goods majors L&T and BHEL were down more than 2 per cent.
However, shares of Tata Motors, Bharti Airtel, Maruti and Cipla were only gainers among largecaps, rising 0.5-1 per cent.
The market breadth was weak; about two shares dropped for every share rising on the National Stock Exchange.
The broader markets were marginally in red; the BSE Midcap Index was down 0.5 per cent and Smallcap down 0.25 per cent.
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