Equity benchmarks fell further in afternoon trade with the Sensex declining over 100 points, tracking weakness in European markets.
The 30-share BSE Sensex slipped 115.17 points or 0.42 percent to 27163.59 and the 50-share NSE Nifty declined 42.35 points or 0.51 percent to 8328.35.
The market breadth was negative as about 1492 shares declined against 1167 advancing shares on BSE.
European stocks extended losses as investors took stock of renewed concerns over the Brexit vote and its impact on the wider economy, sending the pound to a 31-year low and oil prices sliding. The pan-European STOXX 600 was down 1.62 percent.
Crude prices dipped, with Brent falling back below USD 50 per barrel as economic concerns took centre stage with many analysts saying oil demand will stall later this year. International benchmark Brent crude oil futures were trading at USD 49.09 per barrel, down 2.02 percent from their last settlement. US West Texas Intermediate (WTI) crude futures were down 2.65 percent at USD 47.69 a barrel.
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