Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
Asian markets were trading mixed with the Nikkei gaining after the US dollar strengthened against the yen.
Profit booking in realty, oil and gas, capital goods, power and metal stocks pulled the index down to the day's low of 25,347.33 points.
The WPI inflation stood at negative 2.4% in May 2015, compared with a negative 2.65% in April 2015.
Sensex in green in afternoon trade.
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
In the 30-share Sensex constituents, 16 ended lower and 14 gained, helping the benchmark indices trim losses.
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Investors often forget that the movements in indices such as the Sensex reflects the performance of its constituent stocks; nothing else.
Cement shares have been outperformers on the stock market
The 30-share Sensex ended down 208 points at 28,261 and the 50-share Nifty closed 64 points lower at 8,571.
Several Sensex stocks hits 52-week low in intra-day trade on Monday with financials leading the decline.
Sensex ended up 41 points at 29,136 and Nifty gained 4 pts to 8,809.
Markets rebound with financials leading the gains on hopes of a peaceful solution to the turmoil in Ukraine
ONGC was the top performer while private banking major ICICI Bank extended gains
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
Foreign institutional investors were net buyers in Indian equities worth Rs 277.92 crore on Tuesday
HDFC and HUL are the latest entrants in the club
Investors booked profits at higher levels after the Sensex and Nifty hit all-time highs in the previous session.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
Stock market investors on Friday became richer by over Rs 1 lakh crore as the share market rose and the benchmark Sensex galloped to a new closing high enthused by the clear win of Narendra Modi-led BJP in Lok Sabha polls.
Benchmark share indices ended at record closing highs, amid a volatile trading session on Monday, with IT majors leading the gains.
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Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng and Shanghai Composite were trading marginally lower.
The Sensex has slid 18.5 per cent from its January 2015 peak.
Benchmark indices gain 30% this year, buoyed by global liquidity, new government
The breadth was neutral with 1,329 advances and 1,320 declines.
Market breadth was weak with 1239 losers and 1078 gainers on the BSE.
Markets closed the day in green on favourable domestic factors,
Oil tanked to a 7-year low as OPEC decided to maintain production.
The broader markets are trading inline with the larger peers with BSE Midcap and Smallcap indices up 1.5% each.
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
Metal shares were the top gainers with Hindalco up over 5%.
Participants are keenly waiting for the January IIP.
Nifty ends above 8,400; TCS, HDFC surge 2%, Bajaj Auto dips 2%.
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The benchmark has gained 2 per cent this week on continued hopes the incoming Narendra Modi government would unveil substantial economic reforms.
Caution prevailed across the bourses ahead of the Union Budget.
The 30-share Sensex dropped 298 points to end at 27,209 and the 50-share Nifty has lost 93 points to end at 8,174.
Salil Dhawan reveals the MFs that have not only performed well in the past but have a promising outlook for the future too.
Large and small businesses alike have delivered low-key performances.
Brokers like Vasudevan are struggling to keep themselves in tune with this super-informed, new-generation retail investor.
Monsoon is expected to be normal in June.
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