Benchmark indices ended the day with losses for the third straight day with the Nifty closing with losses of almost 220 points in three trading sessions.
Leading the set of losers in trade was clearly Tata Consultancy Services which saw losses of almost 4 per cent on the back of a weakish set of data. Other IT stocks also pushed the Nifty lower including the likes of Tech Mahindra, Wipro and HCL Tech.
Private sector banking stocks also saw some losses with Axis Bank and ICICI Bank among the losers in trade. PSU banking stocks managed to hold ground with Punjab National Bank gaining after a cut in interest rates. Other PSU banking stocks which gained were State Bank of India and Bank of India.
Stocks that gained ground were some of the metal stocks like Tata Steel and Sesa Sterlite. Other metal winners were Sesa Sterlite and Hindalco.
Pharma shares which have had a solid run in the last few months saw heavy selling pressure. Lupin was down 6 per cent after Nomura downgraded the stock. Sun Pharma and Dr Reddy's were also among the losers.
Meanwhile, markets across Europe were trading with marginal gains with the German DAX, French
CAC and The UK's FTSE up.