CLOSING BELL:Sensex closed at 58,568, down 115 points and Nifty settled at 17,465, down 33 points

From a sectoral view point, the NSE Pharma index slipped 1.3 per cent, followed by the Nifty PSU Bank index (down 0.8 per cent) and IT index (down 0.4 per cent).

Among gainers, the Nifty FMCG index advanced 1.2 per cent, while the Nifty Private Bank and Realty indices added 0.3 per cent each.

M&M, JSW Steel, Britannia, HUL, Axis Bank, Tata Consumer Products, ONGC, Hero MotoCorp, and IndusInd Bank were the leaders on the Nifty today, rallying upwards of a per cent each.

On the flipside, Hindalco tumbled 5 per cent, followed by Divis Labs, Apollo Hospitals, RIL, Wipro, Eicher Motors, Dr Reddy's Labs, and Cipla.

Within the broader market space, Adani Power, Tata Communications, HAL, Kansai Nerolac, Oil India Ltd, Edelweiss Financial Services, Shaily, and DFM Foods were the outperformers, soaring between 6 per cent and 15 per cent.

The Indian stock markets have delivered remarkable gains in FY22. Both the S&P BSE Sensex and the Nifty 50 benchmarks soared 33 per cent each recording new historic peaks of 62,225.40 and 18,604.45, respectively.

The indices continued to scale higher levels and carry over the bullish sentiment it secured in FY21. Although, the last quarter of FY22 did see some correction amid the Russia-Ukraine war and spike in crude oil prices, the underneath sentiment continues to favour the bulls.