Snapping a three-session rise, the Bombay Stock Exchange benchmark Sensex slipped by over 78 points on Wednesday in opening trade on emergence of profit-booking amid weak Asian markets.
However, gains in some heavy-weight stocks capped losses.
The BSE-30 share benchmark Sensex, which had gained nearly 725 points or 4.7 per cent in the past three sessions, fell by 78.93 points at 16,044.77.
Similarly, the Nifty on the wide-based National Stock Exchange fell by 21.75 points to 4,783.50 in opening trade.
Brokers said emergence of profit-booking by fund as well as retail investors after recording handsome gains in the last three sessions attributed to the decline in stock prices.
The major losers were State Bank of India- down 0.43 per cent to Rs 1,886, ICICI Bank- down 0.37 per cent to Rs 787.45, HDFC Ltd fell 0.49 per cent to Rs 2,483, DLF Ltd fell 0.60 per cent to Rs 433.10, Bharti Airtel- down 0.40 per cent to Rs 422.40, ACC by 0.52 per cent to Rs 791.90 and ITC Ltd fell 0.70 per cent to Rs 227.
Bucking the trend, Reliance Industries traded 0.62 per cent higher at Rs 2,088, ONG Corp was up 0.45 per cent at Rs 1,191, Sterlite Industries moved up by 2.48 per cent to Rs 758.65 and Infosys Technologies rose by 0.48 per cent to Rs 2,210.60.
Japan's Nikkei was down almost 0.9 per cent, while Hong Kong's Hang Seng index shed 0.8 per cent in morning trade on Wednesday.