The 50-share NSE Nifty cracked below the 7,800-mark to hit a low of 7,725.05 before settling lower by 105.75 points, or 1.35 percent, at 7,731.80. During the session, it touched a high of 7,843.40.
Hindalco suffered the most by plunging 5.07 percent. Technology stocks continued to remain under pressure for yet another session, with the worst hit BSE IT index down 2.29 percent.
Infosys, which warned about margin pressure in third quarter on Monday, slumped 3.89 percent while TCS tumbled over 1.61 percent.
On the global front, Asian markets ended lower, with Shanghai shares falling by 1.01 percent. Europe was also trading down in early trade as investors stayed cautious before the release of Fed minutes.

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