Crude oil contracts for July delivery also fell by Rs 90, or 2.4 per cent, to Rs 3,661 per barrel in a business volume of 2,080 lots.
On the Multi Commodity Exchange, gold contract for August delivery was trading down by Rs 88, or 0.27 percent, at Rs 31,950 per 10 gram in a business turnover of 2,730 lots.
At the Multi Commodity Exchange, gold for delivery in June moved up by Rs 6, or 0.02 percent, to Rs 31,774 per 10 gram in a business turnover of 641 lots.
On the Multi Commodity Exchange, gold prices for delivery in April contracts was down by Rs 79, or 0.25 percent, to Rs 31,528 per 10 gram in a business turnover of 3,028 lots.
Similarly, the delivery for far-month June for the yellow metal was up by Rs 106, or 0.33 per cent, to Rs 32,150 per 10 gram with a business volume of 11,825 lots.
At the Multi Commodity Exchange, copper for delivery in April was trading lower by 75 paise, or 0.17 percent, to Rs 447.05 per kg in a business turnover of 1,632 lots.
At the Multi Commodity Exchange, gold for delivery in far-month June fell by Rs 160, or 0.50 percent, to Rs 31,900 per ten grams in business turnover of 105 lots.
At the Multi Commodity Exchange, zinc for delivery in current month moved up by Rs 1.55, or 0.81 percent, to Rs 193 per kg, with a business turnover of 1,044 lots.
At the Multi Commodity Exchange, aluminium for delivery in March edged up by 40 paise, or 0.28 percent, to Rs 144.25 per kg in 1,965 lots.
Silver for delivery in May traded higher by Rs 120, or 0.32 percent, at Rs 38,184 per kg in a business turnover of 19,695 lots at the Multi Commodity Exchange.
Benchmarks as well as the broader markets have wiped off a lot of gains made over the last couple of weeks. Going into trade the next week, here are the triggers that investors will need to track.
Sector-wise, FMCG, IT and Pharma could see a weak trend. Here's Swait Hotkar, Technical Analyst at Nirmal Bang, recommending what to pick in this episode of Buy or Sell.
For the market, the expert sees earnings to set the tone going ahead, the pace of this recovery is likely to be a gradual one.
If the trade war escalates, then China could sell US treasuries and buy gold.
Bulls need to be cautious from here and a trend reversal will only happen if there is formation a bullish candle on Thursday. Top four stocks to buy which are looking attractive based on technical parameters.
"The MPC is dedicated to achieve the 4 percent headline CPI inflation target while keeping in mind the objectives of growth," Governor Urjit Patel told reporters in the customary post-policy presser.
Market participants are also digesting the fallout of the government's move to demonetise high-value notes.
Petrol will now cost Rs 60.09 a litre in Delhi from midnight as compared to Rs 61.09 a litre currently, said Indian Oil Corp (IOC). The price of diesel will cost Rs 50.27 per litre as against Rs 52.27.
Petrol will cost Rs 61.09 a litre in Delhi from midnight tonight as compared to Rs 62.51 a litre currently, said Indian Oil Corp, the nation's largest fuel retailer.
Experts feel the consolidation may continue in near term and says any sharp fall will be buying opportunity as they are bullish on India.
Today, all eyes will be on ECB as it meets later in the day. The bank‘s Chief Mario Draghi is expected to take further easing steps and a possible further cut to the already negative deposit rate.
Brokerage firm HDFC Securities has made a tactical shift in its model portfolio, tilting towards domestic cyclicals and away from global stories.
Going ahead, the market will look at other factors such as global cues, monsoon and corporate earnings and not just RBI's policy action, says Nirmal Jain, chairman, IIFL.
Sudarshan Sukhani of s2analytics.com spoke with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.