The BSE Sensex retreated for one-week highs on Tuesday,
closing nearly 103 points down, on selling in bluechips like HDFC Bank, ICICI Bank and ITC, amid weakness in global markets.
Traders adopted caution today and appeared to book profits as global markets keenly awaited decisions from the US Federal Reserve over continuing monetary stimulus.
Brokers said investors are looking for signals if the Fed, whose two-day policy-meeting starts on Tuesday, will roll back at least partially $85 billion in monthly bond purchases after the US economy showed some recovery in recent weeks.
After opening nearly flat at 19,329.17, the 30-share Sensex witnessed volatility and touched an intra-day low of 19,191.37. Snapping a two-day winning run where it had gained 499 poins, the Sensex closed at 19,223.28, down 102.59 points or 0.53 per cent.
The NSE index Nifty lost 36.45 points, or 0.62 per cent to 5,813.60, after rising to 5,863.40 at the outset. Also, SX40 index, the flagship index of MCX-SX, closed at 11,413.03, down 44.81 points or 0.39 per cent.
"Weakness in global markets ahead of Fed's decision over continuing its stimulus plan, falling Rupee and selling from FIIs kept the indices under pressure," said Rakesh Goyal, Senior Vice President,Bonanza Portfolio Limited.
Lenders led by ICICI Bank, State Bank of India and HDFC Bank closed down. NTPC was the biggest loser in Sensex. Bharti Airtel fell over 1.6 per cent a day after Trai lowered roaming charges for calls and SMSs.
The BSE banking index fell the most by losing 1.20 per cent, followed by consumer durable index by 1.09 per cent, Capital goods index by 0.86 per cent and power index by 0.64 per cent.
However, bucking the overall weak trend, IT major Infosys gained on hopes of better earnings on weak rupee.
In a weak session, the rupee was trading at 58.59 a US dollar - down a whopping 72 paise, or 1.24 per cent.
With inputs from PTI
Investors outside the Bombay Stock Exchange building in Mumbai. PHOTO: Associated Press 
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