The market slipped 78 points after its two session gains on bouts of profit-booking in key frontline shares of FMCG, pharma and IT counters triggered by weak global cues as the benchmark nifty ended below the crucial 7,500-level at 7,460.60.
Despite data of three month retail inflation (CPI) lows, the market came under selling pressure and turned negative following weak global cues on stock specific development as well as Bank of Japan desisted on new stimulus measures in its latest policy meeting, while warning of inflation and negative view of country's economy.
Caution also crept ahead of key two-day US Federal Open Market committee meet which begins Tuesday.
Pharma shares came under selling pressure as Drug major Lupin slid nearly 8 per cent after US Food and Drug Administration (USFDA) gave nine observation relating to inadequacy and adherence to operting norms.
Elsewhere, Asian markets ended lower after the Bank of Japan decided to held-back its policy rates. European stocks were trading lower as investors remained cautious ahead of the outcome of US Federal Reserve's monetary policy meeting.
The 50-share broader index opened flat at 7,535.85 and traded in a range of 7,545.20 and 7,452.80, before ending at 7,460.60, showing a fall of 78.15 points or 1.04 per cent.
Other major losers were HDFC down 4.09 per cent, Zeel 3.55 per cent, Dr Reddy 3.10 per cent, ITC 2.63 per cent, Cipla 2.33 per cent, SunPharma 2.21 per cent and TCS 1.07 per cent.
Turnover in cash segment rose to Rs 15,372.99 crore from Rs 13,848.96 crore yesterday. A total of 8,479.12 lakh shares changed hands in 69,45,015 trades.
The market capitalisation of NSE stood at Rs 89,68,308 crore.
