Profit booking was seen in telecom, power, pharma, private banking and technology shares. ONGC too weighed on the markets.
The 30-share BSE Sensex ended the day at 15,830.98, down 93.25 points or 0.59 per cent. The 50-share NSE Nifty closed at 4680.50, down 0.66 per cent or 30.9 points.
The market breadth was positive. About 1,525 shares advanced while 1,293 shares declined on the BSE and nearly 355 shares remained unchanged.
Total traded turnover stood at Rs 88,023.89 crore.
Nifty slips below 4700; ICICI, HDFC, ONGC drag
At 2 pm, the BSE Sensex was down 77.47 points or 0.49 per cent at 15846.76, and the Nifty was down 41.15 points or 0.87 per cent at 4670.25. The broader indices were up 0.5 per cent each.
The Nifty fell below the 4,700 mark led by negative contributors like Infosys, ICICI Bank, ITC, HDFC, ONGC, SAIL and Bharti Airtel which weighed on the Sensex as well. IT, pharma, power and realty stocks saw selling pressure.
However, auto and oil & gas stocks were witnessing some buying interest.
The gainers on the Sensex were Tata Motors up 6.41 per cent, Hindalco up 4.90 per cent, HUL up 2.51 per cent, Maruti Suzuki up 2.07 per cent and M&M up 1.77 per cent.
The top losers were ONGC down 3.49 per cent, Tata Power down 3.32 per cent, Bharti Airtel down 2.37 per cent, Reliance Comm down 2.31 per cent and Reliance Infra down 2.11 per cent.
Benchmarks consolidate; ITC, Infy, HDFC down
At 11: 50 am, the BSE Sensex was at 15,884.78, down 39.45 and NSE Nifty was at 4705.80 down 5.60.
Selling pressure was seen in Pharma stocks along with ONGC, Bharti, ITC, Infosys, BHEL, HDFC, ICICI Bank, Tata Power, Wipro, SAIL, Maruti, Grasim, Ambuja Cements and ABB.
The gainers were Reliance Industries, NTPC, Tata Motors, M&M, Unitech, L&T, Suzlon and Idea. Among metals, Hindalco surged 5 per cent; Sterlite and Nalco were up 2 to 2.5 per cent, Tata Steel was up 0.6 per cent.
In the midcap arena, surging 5 to 10 per cent Motherson Sumi, Apollo Tyres, IRB Infra (bags NHAI's Pathankot-Amritsar road project), GE Shipping and JM Financial proved to be the gainers. However, 3M India, Punj Lloyd, Patni Computer, Biocon and Indian Bank fell 2 to 3.5 per cent.
Among the smallcaps, Eveready Industries, Hatsun Agro, Core Projects, Greaves Cotton and Amtek India gained 7 to 9 per cent while Smartlink Net, Advani Hotels, Lloyds Metals, HBL Power and Garware Offshore declined 3 to 5 per cent.
Mkts choppy; profit booking in ITC, TCS, Infy
The markets opened higher but soon turned volatile with a negative bias. At 9:56 am, the NSE Nifty was down 23 points, to 4,688 and the BSE Sensex declined 59 points, to 15,864.
The CNX Midcap rose 12 points, to 6,063 and the BSE Smallcap Index gained 34 points at 6,348.
ITC, Tata Power, GAIL, Infosys, M&M, TCS, Cipla, SAIL, DLF, HUL, ONGC, Maruti Suzuki, Ambuja Cements and Bharti saw profit booking.
However, Nalco, Sterlite, Tata Motors, Idea Cellular, Cairn, Reliance Capital, Reliance Communications, Siemens and Reliance Infrastructure gained.
Among midcaps, Mahindra Satyam jumped 2.5 per cent, Rolta was up 1.7 per cent on better guidance for the next quarter. Aban Offshore, Dish TV and WWIL were also trading in green.