Sun Pharma was the top gainer after SPARC received Sebi nod to raise up to Rs.250 crore through a rights issue
Sensex lost 184 points to trade at 23,878 and the Nifty has dropped 55 points to quote at 7,254.
Gains were led by index heavyweights Reliance Industries and Infosys.
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
The broader markets are, however, outperforming the larger peer.
BSE Bankex and Telecom indices led the fall.
The S&P BSE Sensex closed at 26,190, up by 43 points and Nifty50 settled above 7,950 to end at 7,963, up by 17 points
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Recently, there has been a mushrooming of international apparel retailers.
The S&P BSE Sensex surged 217 points to end at 25,736.
Technical rallies and short covering may arise only if the markets break this 500 point band
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
Benchmark share indices opened lower on Monday, amid weak global cues, as investors turned cautious ahead of the US Federal Reserve stance on interest rate.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
Markets finished lower for the sixth consecutive day as hopes of the Goods and Services tax (GST) bill being passed in the current session of the Parliament faded considerably.
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
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