The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.
The Nikkei India Services PMI posted above the critical 50.0 level, which separates growth from contraction, for the fourth month running in May.
With factory production, activities across the private sector saw the biggest drop in over three years
Investors went looking for bargain in banking, oil and gas and auto stocks.
Out of 30 Sensex shares, 19 ended lower while 11 gained
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
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