The BSE benchmark index Sensex failed to maintain initial gains and fell by over 117 points to trade below the 18,000 level due to selling mainly in banking, capital goods and refinery stocks.
HDFC fell by over 4 per cent after large block deals were executed in the stock at the onset of the trading session.
Market major Reliance Industries fell by 1.49 per cent to 825.60.
The BSE barometer resumed higher at 18,079.01 and shot up further to 18,198.15 in early trade. Later, it declined by 117.26 points to quote at 17,961.24 points at 1100 hrs.
The NSE 50-share Nifty also moved down by 46.25 points to 5,437.05 points at the same time.
Major losers were HDFC (4.11 per cent), ICICI Bank (2.20 per cent), Larsen (1.37 per cent), State Bank Of India (1.12 per cent) and HDFC Bank (1.02 per cent).
Asia markets were mixed in a choppy session in the early today after recent strong gains. Key benchmark indices in Indonesia, Singapore, and Taiwan fell by between 0.04 per cent to 1.75 per cent while indices in Hong Kong, China, South Korea and Japan rose by between 0.01 per cent to 0.32 per cent
