World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
The broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points, after shuttling between 10,900.35 and 10,844.85.
Ends the August F&O series on a high tracking gains in RIL, HDFC and ITC.
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