The 30-share Sensex ended down 69 points at 28,192 and the 50-share Nifty closed 20 points lower at 8,551.
In the broader market, the BSE Midcap index bucked the trend to gain 0.3%
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
Mixed global cues and decline in crude oil prices further dent the sentiments.
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
8 out of 12 sectoral indices closed in red with BSE IT and Healthcare indices losing 0.5%.
Earnings growth is expected to accelerate as lingering toxic effects of note ban ease off and GST settles down. However, stock valuations are high and that means market is also overdue for correction, says Devangshu Datta.
The rupee fell to a two-year low of 64.84 against the US dollar.
The benchmark BSE Sensex reclaimed the 28,000 mark, spurting by 409 points or 1.4% at 28,114 and Nifty settled above the 8,500 mark at 8,532, gains of 111 points.
Positive cues from the global market front aided the rally.
The FMCG index gained more than 1% on the back of stellar gains in ITC.
Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, will answer your queries.
Sensex in green, JSW climbs higher.
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