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Decline in manufacturing figures in US, Europe and China hit investor opinion all over the world.
The benchmark Sensex lost 200 points with rate sensitive stock such as banking, real estate and capital goods taking a beating.
The 50-share NSE Nifty was ruling at 5,455 after slipping 62 points whereas the 30-share index BSE Sensex declined 202 points to trade at 18,112 late morning trade.
As per portfolio manager PN Vijay, worldwide events would be the vital factor for market by the next six months.
"There may be a slightly negative backdrop but substantially the action has to come within India."
Technology scrips saw selling pressure as retardation will absolutely have impact on exports of these firms.
Infosys, TCS and Wipro shed between 1% & 2%.
Heavyweight stocks like Bharti Airtel, ITC, L&T, SBI, ICICI Bank and HDFC Bank dropped between 1% & 2%. Reliance Industries shed more than 0.5%.
But, Sun Pharma, NTPC, HUL, Cipla, Ranbaxy and GAIL topped the gainers' charts on Nifty.
On the worldwide front, Asian bourses broadened losses - Kospi was the key loser, declining 2.4%.
Shanghai, Nikkei, Straits Times and Taiwan remained down by 1-1.7%. Hang Seng lost 0.7%.
Richard Ross, global technical analyst at Auerbach Grayson said that the genuine financial scene in US is dull, irrespective of what comes out of Washington.