Equity indices lost hold on early gains amid profit booking and ended lower on Tuesday after hitting a record high in the morning session.
The BSE S & P Sensex closed 68 points lower at 40,821 while the Nifty 50 slipped by 36 points to 12,038. Most sectoral indices at the National Stock Exchange were in the red with Nifty media falling by 3.6 per cent and IT by 1.2 per cent.
Among stocks, Zee Entertainment Enterprises dropped by 7.34 per cent to close the day at Rs 318.55 per share, a day after the resignation of key managerial persons including Chairman Subash Chandra.
Bharti Infratel dropped by 6.5 per cent and Bharti Airtel by 4 per cent after reports emerged that the committee of secretaries that was to discuss floor price with the telecom regulator has been disbanded. Reports of disbanding the Committee of Secretaries implies there will no more government relief for the cash-strapped sector.
Among the other prominent losers were JSW Steel, Grasim, Bharat Petroleum Corporation, Wipro, Tata Consultancy Services, Coal India and Mahindra & Mahindra.
However, ICICI Bank gained by 3 per cent to wind up at Rs 513. GAIL, Dr Reddy's, IndusInd Bank and Tata Steel witnessed marginal gains.
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Meanwhile, Asian stocks rose bolstered by Wall Street's record closing highs and signs of new momentum in Beijing's and Washington's efforts to end the acrimonious trade dispute.
Japan's Nikkei stock index rose by 0.35 per cent while the Shanghai Composite index ticked up marginally by 0.03 per cent.
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