HSBC maintained "overweight" rating on Indian equities, saying "fundamentals are strong".
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
Saurabh Mukherjea, CEO, Ambit Capital, says he is advising clients to either take a genuinely long-term view on stocks or diversify the portfolio with stocks, bonds and gold for those with a short-term view.
Demonetisation, Donald Trump's surprise victory in the US presidential elections, and the fear that US Fed may hike rates in the upcoming policy review in December have dented market sentiments, report Puneet Wadhwa & Deepak Korgaonkar.
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
Investors widened their bets on optimism that upcoming general budget -- to be unveiled next month - would contain incentives for corporates, which will help boost the economy
'The true fruits of the attack on black money, what Raghuram Rajan did for the banking system, and what technology is doing for us will come in FY19, which, not surprisingly, is the year running up to the next Lok Sabha elections.'
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Experts believe volatility is here to stay for some time, at least till China stabilises and clarity regarding the US Fed's interest rate move emerges.
Large-cap scrips are still trading at a discount to mid-caps.
The 30-share Sensex ended higher by 30 points.
Caution prevailed across the bourses ahead of the Union Budget.
Overall market benchmark Sensex is headed for its worst performance in four years with a decline of 1,650 points
Gains were led by index heavyweights with Reliance Industries contributing the most.
Traders are waiting for the earnings season to kick off.
To be sure, this is not some stunning new revelation that our equity markets are beholden to foreign flows.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
'Swachh Bharat Cess imposed last year should be made broad-based.' 'Budget should be predominantly economy/ business-oriented and problem-solving rather than political consideration-based.'
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