The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
Infosys slipped nearly 9% after the company cut full year revenue outlook for FY17.
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
Stocks of companies having operations and exports to Europe were the top losers.
However, investors have turned cautious over the likelihood of Britain leaving the European Union.
The US FOMC concludes its two-day meeting today while the Bank of Japan will start its two-day meeting today.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained 0.4% each
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Above normal monsoon forecast and strength in Asian equities lifted sentiments.
Stellar rally in ITC shares along with strength in the Asian equities capped the downside.
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