Market indices witnessed a decline on Wednesday morning, largely due to a dip in the public sector unit bank index and negative lead from Asia and the United States, following the sacking of the latter's Secretary of State, Rex Tillerson.
The BSE's Sensex dropped 215.35 points to 33,641.43, while Nifty dropped below the 10,400 mark to 10,365.30.
PSU banks were most affected, with the index losing over two percent after the discontinuation of letters of undertaking and credit as trade credits, as directed by the Reserve Bank of India (RBI).
Furthermore, shares of SBI, ICICI Bank, Axis Bank, Yes Bank, Andhra Bank and Canara Bank declined up to three percent, while those of TCS, HCL Technologies, Tech Mahindra and L&T recorded early gains.
The Dow Jones and S&P 500 closed down 0.6 percent while Nasdaq lost 1 percent on Tuesday.
Meanwhile, the Indian rupee, amid mixed global cues, opened 10 paise lower at 65 per US dollar, following a 15 paise gain to close at 64.89 against the American currency on Tuesday.