Largely, the fall is in line with weakness in the US markets, which are volatile as the US Federal Reserve further hiked interest rates to bring down inflation to its target even as volatility in the banking system continued due to the recent collapse of some banks.
The Nifty 50 index closed 0.08 per cent higher at 16,985.60, while the S&P BSE Sensex rose 0.14 per cent to 57,634.84. Both benchmarks fell 0.7 per cent during the session, before reversing losses.
Tax tweaks over the weekend to check soaring inflation are expected to soften prices in the short term, though analysts expect their overall impact to be limited.
The 30-share index slumped 356.6 points or 0.61 per cent to 57,926.82 in the opening trade. Similarly, the Nifty fell 98.35 points or 0.57 per cent to 17,269.90.
The 30-share index slumped 503.25 points or 0.86 per cent to settle at 58,283.42. Similarly, the NSE Nifty fell 143.05 points or 0.82 per cent to 17,368.25.