The S&P BSE Sensex index dropped 145.11 points - or 0.38 per cent - to hit 37,828.11 at the weakest level in morning deals, and the broader NSE Nifty 50 benchmark slid to as low as 11,184.55, down 37.85 points - or 0.34 per cent - from its previous close. Losses in financial, metal and energy shares offset gains in pharmaceutical and consumer goods stocks.
At 10:18 am, the Sensex traded 7.98 points - or 0.02 per cent - lower at 37,965.24, while the Nifty was down 1.65 point at 11,220.75.
Reliance Industries shares rose 1 per cent to ₹ 2,267.55 apiece on the BSE, after the conglomerate said US-based General Atlantic would invest ₹ 3,675 crore for a 0.84 per cent stake in its retail arm, Reliance Retail Ventures.
Share markets elsewhere in Asia slipped, and the dollar was under pressure, on Wednesday as the US began its presidential debate. The first face-off between Democrat Joe Biden and President Donald Trump is seen by some analysts as Mr Trump's best chance to upend a race where he has consistently lagged in opinion polls.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.65 per cent higher, but Japan's Nikkei 225 benchmark was down 0.80 per cent.
The E-Mini S&P 500 futures were down 0.45 per cent at the time, indicating a negative start in the US on Wednesday.
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