However, Vodafone Idea spurted nearly 30 per cent to Rs 12.88 per share after reports said the US wireless carrier Verizon and e-commerce giant Amazon may invest over four billion dollars in the beleaguered telco.

At the closing bell, the BSE S&P Sensex was down by 839 points or 2.13 per cent at 38,628 while the Nifty 50 lost by 305 points or 2.62 per cent at 11,342.

Chinese blue chips firmed by 0.7 per cent after surveys showed Chinese services jumping a full point to 55.2 in a hopeful sign of reviving consumer demand.

Among stocks, Tata Motors accelerated by 5.3 per cent to Rs 127.65 per share while Eicher Motors and Mahindra & Mahindra gained by 2.2 per cent and 1.6 per cent respectively.

Banking majors Kotak Mahindra Bank, ICICI Bank and HDFC Bank advanced by 3 per cent, 2.5 per cent and 2.3 per cent respectively.

Speaking on the collaboration Shri Ashishkumar Chauhan, MD & CEO, BSE, said “Through this association with i-HUB, (Government of Gujarat) we believe we can offer a favourable ecosystem for the startups to raise capital and succeed.”

However, State Bank of India gained by 3.8 per cent to Rs 202.45 per share. Adani Ports and auto majors like Eicher Motors, Hero MotoCorp and Mahindra & Mahindra traded with a positive bias.

At 10:15 am, the BSE S&P Sensex was up by 291 points or 0.76 per cent at 38,473 while the Nifty 50 gained by 77 points or 0.68 per cent at 11,347.

Chinese shares started lower with the blue-chip CSI300 down a shade and Hong Kong's Hang Seng index falling 0.2 per cent.

Among stocks, HCL Technologies slipped by 1.3 per cent to Rs 695.85 per share while Infosys was down by 1.1 per cent to Rs 959 per unit.