With no cues from the international market and traders rolling over positions in the derivatives segment ahead of the expiry of the May derivatives contracts on Thursday, the BSE benchmark index closed in the negative, down 165 points at 17,847.
The Nifty lost 45 points to settle for the day at 5,348, up 19 points from the day's low of 5,329.
In the broader markets, the smallcap and the midcap indices lost 0.6% each outperforming the BSE benchmark index which closed down 0.9%.
At the start of the trade for the day, the markets opened below the psychological mark of 18k at 17,976 on the back of subdued cues from the Asian markets and the losses registered in the realty space.
Thereon the markets edged lower through the day where the Nifty slipped to a 12 week low when the index reached the day's low of 5,329.
Somil Mehta, Sr Technical Analyst (Equity), Sharekhan that a pullback is expected from the current level with support around 5300 as the Nifty is forming a ending diagonal pattern with the resistance around 5600.
The trades in the international markets were not encouraging either.
The Asian stocks were in the dumps on continued worries about the euro zone debt crisis.
Japan's Nikkei share average closed at a two-month low on euro zone debt crisis and a slowdown in the U.S. economy sapped appetite for bargain-hunting.
The index closed down nearly 0.6% at 9,423. Seoul Composite and Shanghai Composite down 1% each were the other major losers.
The openings in the European markets were not heartening either.
Buying by Foreign Institutional Investors has remained subdued as they bought shares worth only Rs 188.16 crore on Tuesday, while they have been net sellers of shares of Rs 5254 crore so far this month.
Among the sectoral indices Capital Goods, IT and Realty down 1% each were leading the losses for the day while Consumer Durables index was the only index that managed to stay in the positive for the major part of the day and closed up gaining 1.2%.
In the realty space, two companies touched their 52 week low in today's low. DLF hit a 52 week low at Rs 208 on the NSE but closed down 4% at Rs 210.
On Tuesday, the company had reported a 19% year-on-year (y-o-y) fall in consolidated net profit to Rs 345 crore for the quarter ended March 2011.
Another realty scrip, Orbit Corporation touched a two-year low on disappointing Q4 results.
The stock hit a two-year low of Rs 42.15 on the NSE and closed at Rs 42.35 down 4%.
Among the top gainers on the Sensex were Jindal Steel (Rs 635), Tata Motors (Rs 1133) and ITC (Rs 189) up 1% each.
DLF(Rs 210) down 4% was the top loser among the Sensex followed by Reliance Communication (Rs 80), L&T (Rs 1604), TCS (Rs 1127), SBI (Rs 2175),Infosys (Rs 2795) shedding between 1-2%
The market breadth was negative. Of the total 2878 stocks traded on the BSE, 1649 stocks declined while 1080 advanced.
