The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
BSE Bankex and Telecom indices led the fall.
The broader markets were marginally higher with mid-caps and small-caps gaining 0.1-0.4 per cent on the BSE.
Decline in the rupee coupled with a slide in the crude oil prices have dented the sentiments.
Investors booked profits at higher levels after the Sensex and Nifty hit all-time highs in the previous session.
Rescuers found 30 bodies with 5 of them still strapped to their seats as multi-national teams equipped with sophisticated equipment narrowed the search to a 5 sq km area of the choppy Java Sea where some debris of the ill-fated AirAsia jet have emerged.
Investors accumulated quality stocks at valuable and attractive levels.
Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
And, in turn, help 1,000 artisans earn Rs 5,000 at a time when they are struggling to cope with financial hardships during the COVID-19 pandemic.
Markets across the globe are rallying on hopes that the US Federal Reserve won't lift interest rates until 2016.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
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Modi government must push reforms at a fast pace to restore growth.
China is now the most significant strategic concern in Washington, as in most of the world's capitals, especially the democracies. Today, strategic autonomy has acquired a sharper definition: To ward off the Chinese challenge to India's territorial integrity, sovereignty and regional stature, observes Shekhar Gupta.
How will China deal with Taiwan's first woman president? Srikanth Kondapalli explains the significance of a historic election.
The US election campaign has provided plenty of ammunition for the CCP to make its case that its political system is superior.
Roger Federer's straight sets victory over Richard Gasquet in the Davis Cup final against France on Sunday not only made Switzerland only the 14th nation to win tennis's prestigious trophy, but also completed the final piece in the Swiss's puzzle.
The India-Japan joint naval exercises are a strategic signal for China, observes Dr Rajaram Panda.
After three days of intense search, debris of the missing AirAsia aircraft carrying 162 people was found on Tuesday in the Java Sea off Indonesia but only three bodies have been retrieved so far as the mystery remained over the cause of the crash.
India is failing to take advantage of its important ally, Japan as much as it should, notes Mihir S Sharma.
'It was almost as though there was widespread relief that the defence bureaucracy, and the minister, could find someone willing to shoulder the blame for everything that had gone wrong with the services under Antony's charge -- the poor preparedness of the forces, slow acquisitions caused by indecision, cancellation of contracts and whimsical blacklisting of defence contractors over the tiniest suspicion that they may have paid speed money or kickbacks.'
In anticipation of a verdict to be delivered by the International Tribunal of the Permanent Court of Arbitration in The Hague on Tuesday, China has orchestrated a worldwide campaign to defuse its findings.
'With the recent challenging of the notion of the Indian Ocean Region being India's strategic backyard, China is gradually upping the ante in the maritime realm around India.'
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