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On the BSE, 1,650 shares declined and 1,188 shares rose
The benchmark indices on Tuesday settled the day lower after hitting their two-year highs as recent outperformers such as banks were hit by profit-taking with analysts warning markets could head for a phase of consolidation this week.
The S&P BSE Sensex ended at 28,999, down 49 points, while the broader Nifty50 closed at 8,947, down 17 points.
The Nifty has been hovering below its key psychological level of 9,000 this month but has been unable to break above it.
In the broader market, the BSE Midcap index outperformed the frontline indices to gain 0.1%, while BSE Smallcap was little changed.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,650 shares declined and 1,188 shares rose. A total of 171 shares were unchanged.
"Market closed marginally lower in a dull session today, extending its consolidation phase. Participants preferred to book some profit and sit on the sidelines in absence of any fresh trigger.
Also, caution ahead of the last phase of state elections was weighing on the sentiments. In line with Nifty, mostly sectoral indices traded lacklustre and closed flat," said Jayant Manglik, President, Retail Distribution, Religare Securities.
Sectors and stocks
BSE Metal index (down 2%) was the leading sectoral loser, led by losses in Hindustan Zinc, Hindalco, SAIL and Vedanta, which fell between 2-3%.
Tata Steel lost over 2% to Rs 482, and was the top Sensex loser. Infosys lost nearly 2% to Rs 1,017, while TCS added over 1% to Rs 2,503.
Financial stocks fell, led by Axis Bank and Federal Bank. Both were down more than 1%.
Banks have been among the top gainers this year after a ban on high-value currency notes late last year led to a surge in deposits.
Among the gainers, South Indian Bank rose over 3% in intraday trade after the Reserve Bank of India removed the bank from its foreign investment caution list. The scrip settled at Rs 21, up 2%.
Trigyn Technologies hit its upper circuit for the fifth straight trading session by rising 5% to Rs 133 after the company said its subsidiary won a contract from the information technology (IT) department of Maryland, US.
PNC Infratech jumped as much as 6% intraday to its highest since February 13 after it won an order from National Highways Authority of India to build a six-lane highway in Karnataka. The stock closed at Rs 103, up 2%.
Global markets
European markets were trading flat. Britain's FTSE and Germany's DAX were up 0.1%, while France's CAC 40 lost 0.2%.
Asian stocks witnessed a mixed trend amid weak closing on the Wall Street overnight. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6%, after inching back in early trade. Japan's Nikkei closed down 0.2%, while Australian shares ended up 0.3%.
