The 30-share BSE Sensex was down 364.09 points or 1.26 percent at 28433.16 and the 50-share NSE Nifty declined 123.45 points or 1.39 percent to 8743.25.
European stocks were sharply lower as investor sentiment was rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike. The pan-European STOXX 600 was down 1.89 percent.
Crude prices fell a percent after US oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises.
Brent crude futures were trading at USD 47.54 per barrel, down 1 percent, from their last settlement. US West Texas Intermediate futures were down 1.31 percent, at USD 45.28 a barrel.
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