Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
India can become a better place to do business only when exports begin to boom.
Markets have suddenly extended losses and is at the day's low. The Sensex has slipped 175 points at 17,346. Nifty is down 50 points at 5,267.
Benchmark share indices ended lower on Wednesday weighed down by selling pressure in bank shares on concerns of rising non performing assets in wake of the economic slowdown. Selling in metal and capital goods shares also dampened market sentiment.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
Industrial output in the April-June quarter too contracted by 0.1 per cent this fiscal, according to the official data released on Thursday.
Being the basic material for development of economic and social infrastructure, steel is used for producing capital goods as well as final consumption goods.
BSE Capital Goods and Auto indices surged by almost 2%.
The Sensex has zoomed by 109 points to close at a new high of 11,747.
Heavyweights such as Coal India, L&T and SBI ran up losses, taking cues from overseas markets.
India's annual industrial output grew at a slower-than-expected pace of 3.6 percent in September.
The overall market breadth remained firm as 1,673 stocks are advancing while 1,303 are declining.
TCS, Infosys and Wipro were down 0.4-2% each. Capital goods majors also ended lower with L&T and BHEL down 1.4-3.9% each.
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.
Sterlite Inds was the top Sensex gainer, up over 3%
The benchmark Nifty rallied 1,000 points or 17% from 7,000 in 78 trading sessions since May 12, till date to surpass the 8,000 mark.
The Sensex had bounced back with gains of 94 points or 0.3%
The index of industrial production, which was negative in March, was positive in April - but just barely.
The manufacturing sector, which constitutes over 75 per cent of the index, grew barely 0.1 per cent, as against 5.7 per cent in April 2011, according to the official data released on Tuesday.
The NSE Nifty too ended 58.60 points, or 0.54 per cent, higher at 10,967.30 after shuttling between 10,985.15 and 10,928 during the session.
Overall market breadth remains positive
Petitioning the RBI to slash key interest rates, India Inc on Thursday said the recovery in industrial production in November must be seen with "caution" as the performance of critical sectors like capital goods remains poor.
Output of the manufacturing sector, which constitutes over 75 per cent of the index, rose 8.5 per cent in January, compared to 8.1 per cent in the same month last year.
The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95.
The NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent lower at 10,301.05.
Given Indian corporates's high indebtedness, new credit will be used for servicing loans rather than building factories. This is setting us up for more companies on life support and more zombie banks, warns Rahul Jacob.
The country's apex exporters body Federation of Indian Export Organisations said that support extended by the minister for research and development activities and reduction of duties on capital goods will help in increasing competitiveness of Indian products in the global market.
Markets ended marginally lower after trading in a narrow range, amid mixed global cues, with banks, software and capital goods shares leading the decline.
Showing signs of recovery, industrial production grew at 4.7 per cent in May, the highest since October 2012, on account of improved performance of manufacturing, mining and power sectors and higher output of capital goods.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Vegetable prices which had witnessed a 21.16 per cent contraction in June, shot up by 21.95 per cent in July.
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
Markets continue to trade on a strong note in the late morning deals on the back of positive global cues and buying visible in the banking and capital goods stocks ahead of the Reserve Bank of India's (RBI) policy review which is due on Tuesday.
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.
Market breadth on the BSE ended firm as 1,908 shares advanced and 1,156 shares declined
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