The stock declined over a percent. ITC declined 0.9 percent on account of profit booking as the stock rallied more than 9 percent from last week. Among others, L&T, Tata Motors, ICICI Bank, State Bank of India, Bharti Airtel, NTPC, Wipro, Tata Power and BHEL were down 1-4 percent. However, Sun Pharma bucked the trend, rising 1.5 percent after the Competition Commission of India cleared Ranbaxy merger deal with some riders. CCI chairman Ashok Chawla said Sun Pharma and Ranbaxy must sell seven brands before deal closure.

Ranbaxy gained 3.5 percent. In the pharma space, rival Dr Reddy’s Labs rose 1.5 percent. Utility vehicle maker Mahindra and Mahindra remained in positive terrain throughout the session, up 1.2 percent after brokerage CLSA reiterated buy rating on the stock with a target price of Rs 1,550, citing favourable risk reward ratio. In the broader space, Jet Airways gained another 6 percent (in addition to 10 percent rally in previous session) as the airline company may get more market share after its rival SpiceJet cancelled 1080 flights till December 31. SpiceJet rebounded 2.6 percent as former director Ajay Singh is confident that the promoter will be able to adequately fund the deficiencies.

Among others, India Cements, IFCI, PFC, HCL Infosystems, UCO Bank, Sintex Industries, Union Bank, Syndicate Bank, IVRCL, Apollo Tyres and Pipavav Defence plunged 4-6 percent while Sun Pharma Advanced Research, Amtek Auto, JM Financial, NCC, Opto circuits and Havells gained 3-4 percent. Declining shares outnumbered advancing ones by a ratio of 2044 to 907 on the Bombay Stock Exchange while four shares slipped for every share gaining on the National Stock Exchange.