The markets ended the day steady after exhibiting volatility throughout the day, especially following a drop in the rupee beyond the 57 levels.
The Sensex closed the day 64 points, while the NSE Nifty ended the day lower by 19 points. Shares of cement stocks plunged today, following a decision by the The Competition Commission of India to levy a penalty of Rs 6,000 crore on cement companies for acting in tandem to fix prices.
Shares of India Cements, Ambuja Cements, Ultra Tech Cement and Jaiprakash Associates all dropped sharply.
Among the shares that gained ground today were Maruti Suzuki and Cipla. Shares of Cox and Kings rose following reports of stake sale to pare debts.
In Europe shares were trading lower with the UK's FTSE, the German DAX and the French CAC all losing more than a per cent.
In Asia most the markets ended lower following a downgrading of banks by Moody's and weak manufacturing data from the US.
Indian markets are expected to take cues from around the globe, in the absence of any major triggers locally.