Among the top losers were the metal stocks with Jindal Steel and Power falling 8 per cent, following a weak Q4 performance. Tata Steel dropped almost 5 per cent, while Hindalco ended the day 3 per cent lower.
Shares in FMCG major Hindustan Unilever slid almost 3 per cent, as investors worried over growth in volumes at the company.
Dabur on the other hand which reported better than expected numbers ended the day flat. Nifty stocks that saw gains in trade were BPCL, Grasim and Tech Mahindra.
PSU banking stocks which have had a spectacular run in the last few trading sessions saw some heavy selling pressure with Bank of India, Punjab National Bank and Syndicate Bank ending down.
IT stocks showed resilience in a falling market and most of the stocks from the sector ended the day flat.
However, mid cap IT stock Hexaware slumped 10 per cent after its results disappointed the markets. Sesa Sterlite which reported results that were largely in line with estimates ended the day flat.
IRB Infrastructure, which bagged a Rs 3200 crore Yedeshi-Aurangabad project from NHAI ended the day with gains.
Meanwhile, markets in Asia closed higher with the Shanghai Composite and the Hang Sang among the gainers.