The broader Nifty also succumbed to the pressure before recovering to close lower by 6.35 points, or 0.07 per cent at 8,693.05
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Investors are keenly awaiting the announcement of the macroeconomic data-IIP and CPI due on Tuesday.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
The rupee had gained by 50 paise or 0.75 per cent in two weeks.
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
Markets will remain closed today on account of voting for the general elections in Mumbai constituencies.
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
TCS, Bajaj Auto, Adani Ports and Cipla were the top gainers on BSE Sensex while Coal India, GAIL, Dr Reddy's and Infosys lost the most on the index.
With global markets pushing ahead, enthused by strengthening US jobs market, and also due to prospects of European rate hike, Indian markets also continued the march ahead.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The 30-share Sensex ended down 30.30 points at 28,161.72 and the 50-share Nifty dipped 7.95 points at 8,543.
Domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut
Mixed global cues and decline in crude oil prices further dent the sentiments.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
The rupee depreciated further by 7 paise to 65.12.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
This surpassed its previous record close of 29,974.24, reached on April 5.
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
Markets ended in red; index heavyweight under pressure.
Shares of RIL ended 2.4% higher as it pips TCS to become most valued firm
Key macroeconomic indicators suggest softening industrial growth.
The broader markets are, however, outperforming the larger peer.
Shares of rate sensitive sectors such as realty, infrastructure, banking and automobiles ended higher ahead of the Reserve Bank of India (RBI) mid-quarter policy review on June 17.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
The S&P BSE Sensex surged 217 points to end at 25,736.
S&P BSE Midcap shed 0.8% while S&P BSE Smallcap tumbled 0.6%
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
Nifty crosses 9,750-mark; Bharti Airtel, TCS, Wipro, Lupin and Coal India gained the most on BSE Sensex
ICICI Bank, HDFC Bank, IndusInd Bank down between 0.2%-1.4% each.
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
Benchmark share indices ended lower for the third straight session as investors turned cautious amid tensions in Iraq even as consumer durables shares stole the limelight tracking rally in gold prices.
Investors indulged in profit booking at attractive and higher valuations
The NSE Nifty, comprising 50 shares, breached the 8,300-mark for the first time to hit a new lifetime high of 8,330.75.
8 out of 12 sectoral indices closed in red with BSE IT and Healthcare indices losing 0.5%.
Participants are eagerly waiting for the key macrodata -- IIP and CPI numbers due to be released later today.
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