India's benchmark stock indices snapped two days of gains to end lower, dragged by losses in the HDFC twins that turned ex-dividend on Tuesday.
Auto and media sectors fell the most, while public sector banks and information technology sectors were the only gainers on the NSE.
Global markets were mixed on Tuesday, with U.S. stock futures trading in a tight range ahead of debt ceiling talks. Japan's Topix closed at its highest since 1990. In Europe, the region's Stoxx Europe 600 was little changed.
Chinese stocks fell in Shanghai and Shenzhen after official data showed industrial output, retail sales and fixed investment missed estimates in April.
The S&P BSE Sensex closed 413 points, or 0.66%, lower at 61,932.47, while the NSE Nifty 50 declined 112 points, or 0.61%, to end at 18,286.50.
Bajaj Finance Ltd., Hindustan Unilever Ltd., Infosys Ltd., ICICI Bank Ltd. and State Bank of India were among the gainers in the Nifty 50.
HDFC Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., and Reliance Industries Ltd. weighed on the index.
The broader market indices outperformed larger peers, with the S&P BSE MidCap rising 0.18% and the S&P BSE SmallCap gaining 0.12% at close of market on Tuesday.
Thirteen out of the 19 sectors compiled by BSE Ltd. declined, while six sectors advanced in trade.
The market breadth was skewed in favour of buyers. About 1,844 stocks rose, 1,681 declined, and 134 remained unchanged on the BSE.
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