Both the Sensex and Nifty ended the day on a negative sentiment.
The Sensex shed 113 points to close at 22,976 and Nifty was down 48 points at 6,971.
Railway Minister Suresh Prabhu’s proposal to increase capital outlay for the Indian Railways, the world's fourth-largest rail network, by 21 per cent to Rs 1.21 lakh crore could not perk up the market.
Companies such as BEML, Kernex Microsystems, Titagarh Wagons and Kalindee Rail, who are directly linked to the rail sector, saw a dip in their share prices.
The market also remained cautious ahead of the February derivatives contract expiry.
ONGC, Sun Pharma, HDFC, Coal India and Hindalco were some of the top gainers while SBI, GAIL, Tata Motors, ICICI Bank and L&T were among the losing companies.
On the global front, a dip in Chinese shares raised concerns about high market volatility and its impact on the world economy.
China is hosting the G-20 meeting, starting on Friday, in Shanghai.
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