The BSE Sensex tumbled over 150 points in morning trade on Thursday led by losses in Tata Motors, HDFC, ICICI Bank, RIL, L&T, and SBI.
The Nifty slipped below its crucial support level of 8,000 weighed down by losses in realty, power, oil & gas, metal, consumer durables, capital goods, banks, and auto stocks. Dr Redyy's Laboratories, Infosys, and Wipro were the major Sensex gainers.
Tata Motors, NTPC, Tata Steel, Bajaj Auto, and Adani Ports were among the major Sensex losers.
Shares of Japan's banks, along with some of their global peers, have had a boon following Trump's win, buoyed by the rise in yields and prospects of improved business opportunities under the next US administration.
MSCI's broadest index of Asia-Pacific shares outside Japan pulled back from a 12-day high scaled the previous day to dip 0.2 percent facing the prospect of higher US interest rates diverting money from emerging markets.