Equity benchmark indices closed over half a per cent lower on Wednesday amid selling pressure in banking and metal scrips.
Investors turned cautious and awaited the outcome of the US Federal Reserve's two-day policy meeting.
At the closing bell, the BSE S&P Sensex was down by 271 points or 0.51 per cent at 52,502 while the Nifty 50 slipped by 102 points or 0.64 per cent to 15,768.
Most sectoral indices at the National Stock Exchange were in the negative zone with Nifty metal down by 2.8 per cent, PSU bank by 1 per cent, private bank by 0.7 per cent and pharma by 0.7 per cent. But Nifty FMCG gained by 0.6 per cent and IT by 0.2 per cent.
Among stocks, Adani Ports tumbled by 7.86 per cent to Rs 702 per share after Fitch Ratings affirmed its long-term foreign currency issuer default rating at BBB-minus with negative outlook.
Metal majors Tata Steel, Hindalco and JSW Steel slipped by 2.9 per cent, 2.8 per cent and 2.5 per cent respectively. Index heavyweight Reliance Industries slipped by 1.8 per cent to close the day at Rs 2,209.55 per share.
However, Tata Consumer Products gained by 2.17 per cent. Nestle India, Hindustan Unilever, ITC, ONGC, NTPC, Infosys and Bajaj Finserv traded in the green.
Meanwhile, Asian shares were subdued with investors wary of any hint of hawkishness from the US Federal Reserve.
MSCI's broadest index of Asia Pacific shares outside Japan barely moved. Japan's Nikkei eased 0.51 per cent on chip declines.
Hong Kong shares ended 0.7 per cent lower as China's tepid factory output weighs. But South Korea's Kospi rose 0.62 per cent.
( With inputs from ANI )
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