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Markets closed lower dragged down by banking stocks such as ICICI bank and HDFC among other heavyweights. BSE Bankex and metal indices which track top banking and metal stocks shed 1.6% and 1.1% respectively. After opening lower, key benchmarks stock indices traded in narrow range while broader markets edged higher.
The 30-share BSE Sensex shed 173 points at 20,552 while the 50-unit NSE Nifty ended 61 points lower at 6,092.
Weakness in the global markets weighed on the investor sentiment after Fed minutes released late Wednesday signalled continuation of trimming its bond buying program at the usual pace of $10bn-a-month unless economy surprises significantly. Also, macro-economic data from China also signaled a slowdown in the world's second-largest economy for second month in a row. The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5. A reading below 50 indicates a contraction while one above shows expansion
