The fall was led by energy stocks on both the indices. Top laggards on the Nifty50 were Coal India, Reliance Industries and Power Grid Corporation, finishing with losses of around 2-3 per cent.
However, gains in PSU banking and metal stocks limited the downside.
The Nifty PSU Bank index gained 1.6 per cent, which was led by Bank of Baroda; and the Nifty Metal closed 1.3 per cent higher. The gains were led by JSW Steel which jumped 8.6 per cent to close at Rs. 397.80.
Nifty Energy, a sectoral index on the NSE, closed 1.1 per cent lower at 16,059.95.
The Nifty Bank also fell marginally by 0.16 per cent with Yes Bank and IndusInd Bank losing 1.2 and 1.6 per cent respectively.
Sentiment also took a hit after rating agency Moody's Investors Service today said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year as higher oil prices will add to short-term fiscal pressures, brokers said.
On a net basis, foreign funds sold shares worth Rs. 161.05 crore, while domestic institutional investors offloaded shares to the tune of Rs. 199.28 crore yesterday, provisional data from the NSE showed.
Meanwhile, the rupee plunged to a lifetime low of 70.58 against the US dollar on strong month-end demand for the American currency amid foreign fund outflows.
(With Agency Inputs)
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