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Benchmark indices fell for the second day in a row, as profit booking at higher levels continued.
European markets also exhibited slight weakness, even as lower than expected productivity data from the US raised hopes that interest rate hikes there would be delayed.
The Sensex ended the day with losses of 343 points at 27,742 points, while the Nifty dropped 103 points in trade. The biggest loser in trade was Lupin, which drifted lower for a second straight day, following a poor set of results. Reliance Industries an index heavyweight was another top loser in trade.
Banking stocks were the hardest hit with ICICI Bank dropping 2 per cent, while other big losers were the nationalised banks. Among these were Oriental Bank and Andhra Bank which dropped as much as 4 per cent in trade.
Adani Ports had a superb day, after results of the company beat expectations on all counts. The stock ended almost 8 per cent higher.
Shares in Tata Chemicals surged to hit a 52-week high after the company announced the sale of its urea business to Yara for Rs 2670 Crore. The stock ended 6 per cent higher in trade at Rs 491.
Meanwhile European markets were trading marginally lower with the German Dax and the French CAC marginally lower by 0.50 per cent.
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