The S&P BSE Sensex paused after gaining for five days while Nifty 50 index closed lower after six days of gains weighed down by weakness in heavyweights like Kotak Mahindra Bank, Reliance Industries, HDFC Bank and TCS. The Sensex fell as much as 281 points at the day's lowest level and Nifty touched an intraday low of 11,242.65. However, buying in State Bank of India, HCL Technologies, Infosys, Maruti Suzuki and Tech Mahindra helped benchmarks contain the losses.
The Sensex ended 37 points lower at 38,369.63 and Nifty 50 index slipped 14 points to settle at 11,308.
The equities have seen broad-based gains in the last few sessions and the Nifty 50 had gained nearly 4 per cent over the last six sessions.
Seven of 11 sector gauges compiled by the National Stock Exchange ended lower led by Nifty Pharma index's 1.55 per cent fall. Metal, realty, FMCG and financial services shares also witnessed selling pressure.
On the other hand, PSU Bank index rose 2.7 per cent on report that state-run lenders will soon be granted Maharatna, Navratna and Mini Ratna status. Media and auto shares also witnessed buying interest.
Mid- and small-cap indexes ended on a mixed note as Nifty Midcap 100 index ended flat while Nifty Smallcap 100 index rose 0.4 per cent.
Bajaj Finance was top Nifty loser, the stock fell 1 per cent to Rs 3,421. Coal India, Hindustan Unilever, TCS, Titan, Bharti AIrtel, Shree Cements, IndusInd Bank, ICICI Bank, Nestle India, HDFC Bank and Reliance Industries also fell between 0.3-1 per cent.
On the flipside, HCL Technologies, State Bank of India, Tech Mahindra, Eicher Motors, Tata Motors, Hero MotoCorp and Adani Ports were among the gainers.
The overall market breadth was positive as 1,002 shares ended higher while 847 closed lower on the NSE.