Sensex ends just below 29,000, Nifty at 8,947; metal stocks drag

On the BSE, 1,650 shares declined and 1,188 shares rose

The benchmark indices on Tuesday settled the day lower after hitting their two-year highs as recent outperformers such as banks were hit by profit-taking with analysts warning markets could head for a phase of consolidation this week.

The S&P BSE Sensex ended at 28,999, down 49 points, while the broader Nifty50 closed at 8,947, down 17 points. 

The Nifty has been hovering below its key psychological level of 9,000 this month but has been unable to break above it.

In the broader market, the BSE Midcap index outperformed the frontline indices to gain 0.1%, while BSE Smallcap was little changed.