The rapid spread of the Covid-19 Delta variant and faltering global growth prospects also discouraged traders from investing heavily in riskier assets.
At the closing bell, the BSE SP Sensex fell 300 points, or 0.54%, to 55,329, while the Nifty 50 fell 118 points, or 0.71%, to 16,451.
In Nifty, metal fell 6.4 percent, real estate 3.6 percent, PSU bank 3.4 percent and automobiles 1.6 percent.
Among stocks, Tata Steel was the worst performing company with earnings of Rs 1,367.70 per share, down 8.8%.
JSW Steel closed down 7.2 percent at Rs 684.45, while Hindalco fell 5.8 percent at Rs 402 per unit.
Meanwhile, Asian shares extended their losses from the 2021 low set the day before. Hong Kong shares fell 1.84% as tech stocks gained weight.
Japan's Nikkei fell 0.98% as investors watched rising virus cases, and South Korea's Kospi fell 1.2%.
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