The NSE Nifty also remained under pressure as it cracked below the 9,900-mark to touch 9,893.05 points in intraday.
On July 25, the Nifty climbed the 10,000-point mark for the first time in its nearly 22-year history.
The Sensex resumed higher at 32,341.05 and moved in a range of 32,354.77 and 31.915.20 before quoting at 32,057.28 at 1100 hours, down 216.39 points, or 0.67 per cent.
At 2.22 pm, the 30-share BSE Sensex was down 148.18 points at 31,866.01 and the broader 50-share NSE Nifty had lost 50.60 points at 9,927.95.
Similarly, the Sensex too witnessed a steep fall in the intra-day trade before ending the trading session at 32,014.19 losing 259.48 points or 0.80 per cent.
The BSE market breadth was skewed in favour of bears - with 1,702 declines and 676 advances. "European indices like FTSE 100, DAX and CAC 40 traded lower", said Jasani.
Among top losers were Sun Pharma (-3.74%), Dr Reddy's Lab (-1.94%), ICICI Bank (-1.14%), Axis Bank (-0.87%) amd Lupin (-0.86%).
Other Asian markets experienced a mixed day.
On Tuesday, the benchmark indices were dragged lower following a surprise regulatory directive by SEBI, along with broadly negative global cues. Analysts attributed the plunge in Indian shares to the market regulator asking stock exchanges to take action against 331 suspected shell companies.
On the currency front, the rupee strengthened by 17 paise to close at 63.63 to a USA dollar from its previous close at 63.80.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,017.10 crore on Friday, while foreign portfolio investors (FPIs) sold stocks to the tune of Rs 853.80 crore, as per provisional data released by the stock exchanges. The stock had also underperformed the market over the past one quarter, declining 4.35% as against the Sensex's 6.98% rise. Investors booked profit in recent out-performers.
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