Heavyweights Reliance Industries and BHEL along with Maruti, Jaiprakash Associates, Tata Motors, ACC and Sun Pharma too dipped.
The 30-share BSE Sensex closed at 17690, down 54 points and the Nifty was at 5308, down 14 points.
However, the markets were supported by ONGC, Cairn, NTPC, Power Grid, Jindal Steel, ITC, HDFC, L&T, Reliance Infrastructure, Cipla, M&M, TCS, Bharti, HUL, Ambuja Cements, Siemens and Ranbaxy.
Asian markets ended lower. Shanghai tanked 2pc and Hang Seng slipped 1.5pc. Jakarta, Straits Times, Kospi and Taiwan were marginally in the red. Nikkei dipped 0.4pc. European markets were trading 0.5 to 1.5pc lower, at the time of closing of Indian markets.
Sensex southbound; RIL, Wipro tank
Nifty was trading between narrow range of 5301-5330 amidst negative bias to break the five-day winning streak.
Selling pressure were witnessed in Banking, metal and realty companies' shares along with Reliance Industries, BHEL, Maruti, Jaiprakash Associates, Wipro, HUL, Reliance Communications, ACC and Sun Pharma.
At 2:22 pm, Sensex was trading at 17701, down 43 points and the Nifty was at 5310, down 11 points.
The markets were supported by ONGC, HDFC, ITC, Jindal Steel, L&T, Cairn, M&M, Cipla, Siemens, Ambuja Cements, Tata Power, BPCL and Ranbaxy Labs were supporting the markets. Power companies' shares too surged.
Among the midcaps, TVS Motor, Gillette India, Novartis India, Mahindra Holiday and UTV Software were up 3.5-5% while Shriram City, Jain Irrigation, EID Parry, REI Six Ten and UB Holdings fell 3.4 to 5.5pc.
Among the midcaps, Jindal PolyFilm gained 15.8pc. NIIT, Indo Tech Transformer, Bata India and KPR Mill surged 8 to 9.5pc. However, Gujarat Ambuja Exports, Binani Industries, Intra Infotech, Mount Everest and Nagarjuna Agri dipped 5 to 8pc.
Asian markets closed lower. Shanghai slipped 2pc and Hang Seng down 1.5pc. Other Asian markets lost 0.1 to 0.5pc. European markets were also trading in negative terrain.
Nifty down 4pts; Power, Pharma dip
At 10.45 am, Sensex was up 19.13 points or 0.11pc at 17764.41, and the Nifty was up 4.95 points or 0.09pcat 5327.40. FMCG, power, pharma and capital goods stocks witnessed buying interest.
Among the largecaps, the top gainer was Power Grid with more than 2.5pc gain. Jindal Steel, IDFC and HDFC gained 1.5 to 2pc. Maruti Suzuki, Jaiprakash Associates, HCL Tech, SAIL and Sterlite Industries down 1 to 3pc were on the losing side.
Top gainers on the BSE Midcap: TVS Motor, SKF India, Gillette India, Praj Industries and Mahindra Holidays surged 3 to 7pc.
Top losers on the BSE Midcap: Shriram City, EID Parry, Patni Computer, Dewan Housing and UB Holdings slipped 2.5 to 5.5pc.
Top gainers on the BSE Smallcap: ABG Shipyard, Vipul, Bata India, Indo Tech Transformers and KPR Mill gained 5 to 7pc.
Top losers on the BSE Smallcap: Kanani Industries, Subhkam Capital, Binani Industries, Asian Star and Rain Commodities were lost 4 to 5.
Mkts open flat; RIL, Tata Motors tank
After closing with modest gainst, benchmark Nifty opened with a marginally negative bias owing to weak asian Cues. Banking, metal, realty and select auto companies' shares were witnessing pressure. Heavyweight Reliance Industries also tanked in the early trade.
At 9:02 am, the Sensex was trading at 17693, down 52 points and the Nifty was at 5307, down 14 points.
Among the frontliners, selling pressure were seen by DLF, Reliance Communications, Sun Pharma, Ranbaxy Labs, SBI, PNB, Maruti (on margin squeeze in Q4 numbers), HCL Tech, SAIL, Reliance Industries, Axis Bank, Sterlite Industries, Tata Steel and Tata Motors.
IDFC ahead of numbers, ONGC, Bharti Airtel, Idea Cellular, ACC, HDFC and NTPC were trading green.
Midcap & Smallcap space:
Navneet Publicatinos gained 3pc.
Spice Mobiles continued its surge, shot up another 4pc.
Visa Steel and Finolex Industries surged 1 to 2pc.
However, contrary to Monday's gain, Gati, Indian Bank and Gujarat NRE Coke, tanked 1.5 to 2pc on profit booking.
Asian markets were trading lower on profit booking. Shanghai dipped 2.2pc and Hang Seng declined 1.4pc. Nikkei, Jakarta, Straits Times, Kospi and Taiwan slipped 0.3 to 0.6pc.