Snapping its three-day gaining streak, the 30-share BSE Sensex on Thursday opened strong but came under severe selling pressure to close 541.81 points or 0.90 per cent lower at 59,806.28.
Similarly, the broader NSE Nifty declined 164.80 points or 0.93 per cent to 17,589.60.
M&M was the top loser in the Sensex pack, skidding 3.31 per cent, followed by Reliance Industries, Bajaj Finserv, ICICI Bank, Maruti, Tata Motors and Tech Mahindra.
On the other hand, Tata Steel, L&T, Axis Bank, Bharti Airtel and HDFC Bank were among the gainers.