Auto and index heavyweights Reliance Industries and ITC were the top losers in early trades.
Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
Capital goods shares continued to trade firm in late noon despite weak market trend on the back of encouraging core sector growth in February.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Short-covering and the propping up of net asset values have potential to boost frontline as well as second-rung names next week
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
Pharma shares extended losses after the government's ban on combination drugs.
Financials were among the top losers along with Sun Pharma and index heavyweight Reliance Industries
Rate sensitive sectors were among the top gainers with Tata Motors and ICICI Bank leading the gains on the Sensex.
Metals bucked the trend and shone across the board.
Bank shares were the top losers after sharp gains last week.
Rate sensitive sectors rallied the most led by banks while metals surged on rebound in commodity prices
The Survey shows fiscal consolidation despite slowdown in growth.
Mixed global cues and decline in crude oil prices further dent the sentiments.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The local markets are expected to react to global triggers until the government announces the Union Budget.
The S&P BSE Sensex gained 115 points to end at 24,338 and the Nifty50 climbed 42 points to close at 7,404.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
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