The BSE benchmark Sensex tumbled by 200 points on selling pressure from operators ahead of the expiry of near-month April, 2011, derivatives contracts on Thursday, coupled with weak Asian cues.
Political worries also weighed on the market as the Central Bureau of Investigation charged Kanimozhi, a Rajya Sabha member and daughter of Tamil Nadu Chief Minister M Karunanidhi, in the 2G spectrum scam.
Index heavyweight Reliance Industries (RIL) fell for the second straight day after reporting lower-than-expected numbers for Quarter 4, ended March, 2011.
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The BSE benchmark Sensex resumed higher at 19,596.32 and hovered in a range of 19,600.79 and 19,377.84 before quoting at 19,384.66 at 1015 hours, showing a net loss of 199.65 points, or 1.02 per cent, from its last close.
The NSE 50-share Nifty also fell by 61.55 points, or 1.05 per cent, to 5,812.55 at 1015 hours.
Among the 30-member Sensex pack, 26 stocks declined while the rest advanced. Sterlite Industries, Maruti Suzuki India and HDFC fell by between 1.16 per cent to 1.45 per cent.
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Foreign institutional investors (FIIs) sold shares worth Rs 377.59 crore and domestic institutional investors bought shares worth Rs 236.62 crore yesterday as per provisional data.