Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
Asia's falling stocks have triggered an exodus of funds from the region.
The Sensex ended below 28,000 for the second straight day at 27,869.
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
The derivatives expiry on Thursday is also expected to add to the volatility.
Optimism about a stable govt at the Centre, a demand revival and falling oil prices buoyed the markets.
The cutback on export credit refinance facility is another step towards a shift away from sector-specific liquidity allocations.
The market breadth in BSE remains positive with 1,554 shares advancing and 1,196 shares declining.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Most experts said indices would open higher on Monday and rally might sustain for a few sessions
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
It will be difficult for the Indian equity to outperform overall growth to the extent bullish observers expect.
A customer wanting to buy a car would have to wait a long time for delivery.
Over the past two decades, India has evolved economically as well as from the market's perspective.
Modi is optimistic that the reforms will be passed soon.
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