The benchmark BSE Sensex ended down 2.23 per cent. The Bank Nifty fell 3.59 per cent.
Market breadth continued to remain strong, with 1899 gainers and 674 losers on the BSEs.
OIL, IOC, HPCL, BPCL slipped between 0.1-1.5% each while the oil producing companies such as ONGC (0.1%), RIL (1.5%), GAIL(2.6%) also edged lower.
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
Banking shares saw a renewed buying interest on the hopes of a rate-cut by the central bank post the easing of macro-economic data.
The rupee fell to a two-year low of 64.84 against the US dollar.
On the sectoral front, rate-sensitive sectors such as Bankex and Auto gained by 1% and 0.7% respectively while BSE Consumer Durables gained 1.4%.
The upcoming July derivatives expiry later in the week would also add some volatility to the market proceedings.
Investors will keenly watch out for the Futures & Options expiry for July on Thursday
Sensex dull at close, Infosys rules, ITC drags.
The WPI inflation stood at negative 2.4% in May 2015, compared with a negative 2.65% in April 2015.
After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
According to Nielsen India online viewership has doubled since 2011.
The Sensex had bounced back with gains of 94 points or 0.3%
BSE Bankex, Healthcare, Capital Goods and Consumer Durables ended higher.
The broader markets, however, outperformed their larger peers.
Positive cues from Asian peers also uplifted the sentiment.
Movement of rupee and crude oil prices will also dictate the trend
Monsoon is expected to be normal in June.
Benchmark share indices gained for the fifth straight session on Thursday led by index heavyweight Reliance Industries.
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