In a choppy trade, the benchmark Sensex shed off early gains and slipped into negative zone with a fall of almost 148 points at 1115 hrs after speculators went booking profits at improved levels.
The Bombay Stock Exchange barometer, which rose by 96.12 points in opening trade, was down by 147.89 points to 9,829.09 at 1115 hrs.
The 30-share National Stock Exchange Nifty also fell by 49.60 points to 2,992.15 after gaining 34.45 points in the opening session.
Marketmen said apart from profit-taking by speculators, reversal of early trends on other Asian bourses, which surrendered most of the gains, also cast their shadow on the trading sentiments on the domestic bourses here.
Stocks of Satyam Computers led the fall in the technology sector stocks despite the company calling off its US $1.6-billion deal to acquire two infrastructure businesses.
Satyam Computers on Wednesday tanked as much as 33 per cent and witnessed its 52-week-low level of Rs 151 in early trade on the bourses but recovered to Rs 168, still down 25.83 per cent.
Other losers, which pushed the Sensex into the negative territory, were capital goods, realty, oil and gas and metal sector stocks.