Reliance Industries cracked 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank were also among the laggards. However, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers.
Market sentiment is likely to remain cautious as investors position themselves for the upcoming Union Budget and the US Fed's interest rate decision, where expectations are muted.
Benchmark indices Sensex and Nifty closed lower in a highly volatile trade on Thursday amid relentless foreign fund outflows and selling in blue-chip ICICI Bank. Falling for the second day in a row, the 30-share BSE Sensex declined 148.14 points or 0.18 per cent to settle at 83,311.01.
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards. However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector firms on a monthly basis, stood at 48.7 in January, as against 46.8 in December 2016.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers. Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
From the Sensex firms, Tech Mahindra, Tata Steel, Tata Motors, Titan, HDFC Bank, IndusInd Bank, Infosys and Kotak Mahindra Bank were among the biggest laggards. On the other hand, Adani Ports, Mahindra & Mahindra, Power Grid, Eternal and Hindustan Unilever were among the gainers.
While manufacturing firms cut jobs for the first time in 20 months to sharply reduce costs, services providers continued their hiring spree.
The Nikkei India Services Purchasing Managers' Index, which tracks the services sector firms on a monthly basis, stood at 50.3 in February, up from 48.7 registered in January.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
On the other hand, jobs increased for the 10th straight month in the manufacturing sector, albeit only slightly
A reading above 50 indicates expansion, while a score below this mark means contraction
The main factors contributing to the above-50.0 PMI reading were growth of both new orders and output as market conditions returned to normal and led to subsequent improvement in demand.
The headline seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services sectors, rose from 53.3 in June to 54.1 in July.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- a gauge of manufacturing performance -- fell to 52.3, down from October's 22-month high of 54.4.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
The survey noted that advertising campaigns supported the increase in new work growth in the sector amid competitive pressures.
The mismatch between PMI and core sector could also be due to the fact that while core sector is calculated year-on-year, PMI is calculated month-on-month.
On the job front, Indian service providers continued to add to their payrolls and the sector witnessed the second-strongest increase in employment since March 2011.
The Nikkei India Services PMI posted above the critical 50.0 level, which separates growth from contraction, for the fourth month running in May.
The seasonally adjusted Nikkei India Services Business Activity Index fell to 50.2 in May, from 51.0 in April, pointing to the slowest growth rate in the current 12-month stretch of expansion.
In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent. TCS climbed 2.44 per cent. Tech Mahindra, Wipro, L&T and Maruti were among the other major gainers.
However, predictions that economic conditions will normalise after the elections underpinned optimism regarding the outlook and supported a stronger upturn in employment.
The NSE Nifty, however, ended a shade higher by 6.65 points or 0.06 per cent at 10,442.20
With factory production, activities across the private sector saw the biggest drop in over three years
The improvement in business conditions promoted job creation, while confidence towards the year-ahead outlook for activity was at a four-month high during March.
Index heavyweights continue to be top losers with ICICI bank.
Currency scarcity weighed on manufacturing performance where growth of new work flows slowed
A reading above 50 denotes expansion while one below means contraction.
Sluggish rise in new business inflows and a cautious approach to costs reportedly led Indian manufacturers to shed jobs in September.
Business confidence remained positive in August and was driven by upbeat forecasts of sales, an expected improvement in demand and promotional activities
According to Japanese financial services major Nomura, India's manufacturing PMI remained in the expansion zone but suggested some consolidation after the rapid ramp up of activity in December.
The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.
Firms seem to have adopted a wait-and-see approach on their plans until public policies become clearer upon the formation of a government.
This is the 14th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
A reading below 50 means contraction in the sector.
The Nikkei India Manufacturing Purchasing Managers Index (PMI), fell from 52.1 in February to a five-month low of 51.0 in March, indicating the slowest improvement in operating conditions recorded by the survey since last October.
On the price front, Indian manufacturing companies continued to face higher input costs during August.
The Nikkei India Services Purchasing Managers' Index, which tracks services sector companies on a monthly basis, stood at 52 in September, down from August's 43-month high of 54.7, pointing to a slower and moderate rate of expansion.
This is the 22nd consecutive month that the manufacturing PMI has remained above the 50-point mark.
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