Paring all its early gains, the 30-share BSE Sensex went lower by 384 points or 0.52 percent to settle at 73,512. The NSE Nifty declined 140 points or 0.62 percent to settle at 22,302.50.

From the Sensex basket, Power Grid, IndusInd Bank, Tata Motors, JSW Steel and HCL Technologies were among the major laggards.

In contrast, Hindustan Unilever climbed more than 5 percent. Tech Mahindra, Nestle, Tata Consultancy Services and ITC were the biggest gainers.  

In the broader market at the BSE, the Midcap sector slipped 1.90 percent, while the Smallcap index fell 1.65 percent.

In sectoral indices at the BSE, the Realty sector slipped 3.41 percent, the Utilities sector fell 2.85 percent whereas the Metal sector as well as the Power sector declined 2.26 each.

In contrast, the FMCG gained 1.80 percent, the IT sector rose 0.55 percent while the Teck sector jumped 0.44 percent.