The BSE IT sector, however, failed to snap a three-day losing streak and closed around 0.14 per cent lower.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
SBI plunged over 3% after posting a 34.57% fall in net profit to Rs 2,538 crore for the quarter ended September 2016 on rise in provisions for non-performing loans.
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The rupee fell to a two-year low of 64.84 against the US dollar.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
Investors booked profits in recent gainers
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
The Bombay Stock Exchange 30-share index resumed better at 21,278.08
The 30-share Sensex ended down 245 points at 28,799 and the 50-share Nifty closed down 81 points at 8,750
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
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Addressing a Ficci-organised banking summit in Mumbai, he at the same time said that it will take several years for the country's banks to achieve the status of a large global bank.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
'I have been most pained at being painted as an absconder'.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
Hopes that better-than-forecasted monsoon may help the RBI cut rates sooner than expected, too triggered buying activity.
The breadth was neutral with 1,329 advances and 1,320 declines.
The Sensex and the Nifty witnessed biggest one day loss in percentage terms since June 24
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Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
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China's economy is in transition, with rising wage costs and massive overcapacity.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
Rate-sensitive sectors like banks, realty and auto witnessed heavy selling pressure ahead of the RBI Monetary policy which is scheduled on September 29.
Markets crashed due to domestic worries; bluechip stocks tanked too.
Sun Pharma was the best gainer among Sensex components, surging 6.91 per cent
Oil & gas, banking and pharma sector stocks stole the show
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
The 50-share NSE Nifty shed some ground to settle at 8,699.40 points, up 40.30 points, or 0.47 per cent
Sensex plunges 322.39 points to over 1-month closing low of 27,797.01; Nifty tumbles 97.55 points to 8,340.70.
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I would advise at least a 7 year investment time frame for Equity Investing
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
This was the biggest single-day fall for the benchmark index since August 10 when it had fallen by 310 points.
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