The 30-share Bombay Stock Exchange barometer resumed lower at 16,517.87 and hovered in a range between 16,741.90 and 16,432.00 before quoting at 16,731.25 at 1015 hours, showing a net loss of 258.93 points, or 1.52 per cent, from its last close.
The BSE benchmark Sensex crawled up a bit, recouping some of its intra-day losses. However, the market was still trading more than 200 points lower.
The NSE's 50-share Nifty index also moved down by 81.95 points, or 1.60 per cent, to 5,036.55 at 1015 hours.
FIIs sold shares worth a massive Rs 1,385.78 crore yesterday, as per provisional data from the stock exchanges.
The major losers in early trade were TCS (down 4.38 per cent), Tata Motors (3.84 per cent), Wipro (3.81 per cent), Sunpharma (3.60 per cent), Infosys (3.24 per cent) and Tata Steel (2.93 per cent).
The key benchmark indices in South Korea, Indonesia, Hong Kong, Taiwan, China and Japan were down by between 1.15 per cent and 5.92 per cent.
US stocks tumbled yesterday, dragging the benchmark indices to their biggest loss since December, 2008. The Dow Jones Industrial Average tanked 5.55 per cent, or 634.76 points; the Nasdaq Composite fell by 6.9 per cent, or 174.72 points; and the Standard & Poor's 500 declined by 6.66 per cent, or 79.92 points.
India has been one of the fastest growing economies in the region over the past few years, and it is expected to grow by close to 8% this year.
While India has been expanding, developed economies such as the US and Europe are still struggling to fully recover from the effects of the global financial crisis.
They have also been hit by newer developments such as the debt issues in the eurozone.
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