The Nifty Bank is also trading in red, having seen a grind down in the second half of the trading session, closing below the 55,300 mark after outperforming in the first half of trade.
The Indian Rupee has now fallen to new record lows, dropping to 88.57 against the US dollar.
Auto stocks, particularly the shares of Hyundai, Maruti Suzuki and Tata Motors, are trading higher after reporting bumper sales figures, giving strong start to Navaratri sales.
Watch this space for all the live updates.