The Nifty closed at 10,335.30, down 28.35 points, or 0.27 per cent.
Services growth at 5-month low in Nov as confidence slumps.
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
Most of the 30-Sensex constituents led by M&M, Adani Ports, BhartiAirtel, Bajaj Auto, Hero MotoCorp, ICICI Bank, Sun Pharma, Cipla, HDFC Ltd, ONGC and Hind Unilever were trading in negative terrain, falling by up to 5.77 per cent.
NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
Abe got a resounding victory in the snap polls held on Sunday.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
According to dealers, the one-way appreciation was halted by huge purchase of dollars by the RBI which pushed down the spot rupee to 39.90 to a dollar .
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
In line with Sensex, the broader indices also saw hefty losses. Large cap index tumbled 0.79 per cent, midcap 0.87 per cent and smallcap 0.57 per cent.
Growth in India's manufacturing sector cooled to its slowest in 22 months in October.
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
Regarding employment, the manufacturing sector hiring remained broadly unchanged.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
Shanghai is the worst performing stock market of the world in CY 2008. It has just replaced Vietnam at the top of the ladder among the worst performers with a 48.97 per cent fall.
Markets ended lower on Tuesday, snapping a two-day winning streak, as investors turned cautious and booked profit in financials.
Investors went looking for bargain in banking, oil and gas and auto stocks.
The finance minister appears to be harking back to the seventies and eighties by prevailing on cement and steel manufacturers to hold the price line despite the hit they'll take on margins.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Services companies continued to raise prices, though the rate of change was the weakest since April
Supported by greater demand from both domestic and external markets, total new business rose at the fastest pace since March
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They prefer foreign markets owing to comparatively lower margins than Indian exchanges.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
China consumed roughly 10.50 million barrels per day of oil in June.
The local markets are expected to react to global triggers until the government announces the Union Budget.
A reading above 50 denotes expansion while one below means contraction.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
The decision will embolden populists across the continent.
Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
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A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
Lupin was the top gainer after the USFDA cleared its Goa facility
The NSE Nifty ended at 4,346, down 183 points.
Sensex has shed over 150 points in afternoon trade.
