Markets lost momentum in trade today, with State Bank of India and Bharti Airtel dragging the indices lower.
The BSE Sensex closed the day lower by only 39 points, while the S&P CNX Nifty shed 15 points, shrugging off the weak IIP data numbers that came in.
Among the losers in trade today was Bharti Airtel, which plunged more than 6% in trade today. State Bank of India also led the declines with the stock dropping ahead of its results to be declared on Friday.
FMCG stocks continued to hog the limelight with ITC and Hindustan Lever surging in trade. Hindustan Unilever gained more than 2% in trade today, while ITC surged more than 1%. Shares of Tata Motors ended the day steady, after dropping initially, following a disappointing set of numbers.
Shares of HDFC lost more than 3.5% in trade today on sustained selling pressure in the stock.
Meanwhile, shares in Europe were trading mixed with the French CAC and UK's FTSE trading marginally higher, while the German DAX was marginally down.
Markets are expected to move in a tight range in the coming days and will eye cues from Europe.