Other heavyweights that dropped in trade were Infosys, ONGC and HDFC. Private sector banking stocks lost ground on fears of emergence of fresh competition from new banks that are set to be given a banking license.

Ashok Leyland ended the day weak, after the company reported a drop in its volumes for June. Elder Pharma jumped after reports that its UK subsidiary acquired Max Healthcare, which will allow company to re-enter the OTC pharma category.

PSU Banking shares which were in the limelight on short covering in the last few days lost momentum. PSU banking shares that lost ground in trade were Indian Overseas Bank, Canara Bank and Union Bank of India.

Stocks that gained in trade from the Nifty were IDFC, which rallied on hopes of a banking license, while other gainers included Lupin, Bhel and Sesa Goa.

Tata Motors ended the day weak in trade after its domestic numbers disappointed the street.

Meanwhile, markets in Asia ended the day mixed with the Shanghai Composite and the Japanese's Nikkei gaining while the Hang Sang lost ground.

GoodReturns.in