HDFC, HDFC Bank and Kotak Mahindra Bank weighed most on the Sensex Domestic stock markets turned choppy after a positive start on Tuesday.
The SP BSE Sensex fell as much as 200.76 points from its strongest level of 39,785.02 in the session, and the NSE Nifty index slipped below 11,900 mark, declining 67 points from the day's high of 11,958.55.
The Sensex and Nifty opened higher on Tuesday, a day after the benchmark equity indexes hit record closing highs, but changed direction few times as losses in financial and infra stocks offset advances in information technology and metal spaces.
Analysts expect some volatility in the markets ahead of the expiry of monthly derivatives contracts and the release of economic data this week.