The BSE benchmark Sensex lost 141 points during the late morning trade following fresh selling pressure primarily in IT and Tech segments after technology services company Cognizant brought down its revenue guidance for 2012.

Brokers stated that the fresh capital outflows from foreign funds also have an effect upon the market outlook.

Country's biggest software services exporter by profits Tata Consultancy Services shed 3.82% to Rs 1,225.25 and remained the main loser from the 30-scrip BSE index, Sensex.

In the meantime, FIIs sold scrips worth Rs 630.81 crore on May 07 as per provisional data from the stock exchanges.

Sensex started the day slightly higher at 16,915.71 but declined at once to 16,744.40 before hitting 16,771.63 at 10:15 a. m., down 141.08 points or 0.83%.

The broad-based Nifty also slipped by 41.25 points or 0.81% to trade at 5,072.90 at the same time.

Other key losers comprised Wipro (2.46%), Infosys (2.25%), BHEL (2.20%), Tata Motors (1.98%) and RIL (1.66%).

But, the majority of Asian bourses remained up in the morning trade after yesterday's slump.

Major indices in Indonesia, Hong Kong, Singapore, Taiwan, Japan and South Korea gained around 0.62%, whilst China's Shanghai Composite dropped 0.65%.