The Sensex closed the day lower by 283 points, while the Nifty ended lower by 83 points. ITC reported sales numbers below estimates and the scrip saw some profit booking and fell 4 per cent. HUL, which is to declare results on Friday also fell more then 4 per cent in trade.

Other notable losers were Bhel, NMDC and Tata Power. Banking stocks which had fallen sharply during the week following RBI moves to prevent a sharp drop in the rupee ended the day mixed. Axis Bank ended the day marginally higher, while ICICI Bank, Kotak Bank and Yes Bank saw a drop in their share prices.

Technology stocks remained resilient though Wipro fell ahead of its results to be declared on Friday. The stock ended the day 5 per cent lower on expectations of a lacklustre set of numbers.

Wockhardt continued to slump for the third day in a row as worries over FDA issued left investors rattled. The stock has lost 35 per cent in the last few days.

Gitanjali Gems continue to languish at the lower end of the circuit filter with sellers unable to exit the counter again today. The stock dropped 5 per cent again in trade today.

Public sector banks exhibited a resilient trend with Punjab National Bank, Union Bank of India and Oriental Bank gaining in trade.

Meanwhile, markets in Europe were down more then 1 per cent with notable losers being the German DAX and the French CAC.

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