A total of 22 scrips on the 30-share Sensex fell whereas 8 scrips ended higher, while on the 51-share Nifty, 18 scrips advanced while 33 scrips declined. Common use products such as hair oil, soaps and toothpaste would cost less from July 1 when GST is expected to roll out, brokers said.
"Pharma continued to taste bitterness in earnings due to high competition which is impacting the sentiment of the sector for the long-term", said Vinod Nair, Head of Research, Geojit Financial Services.
The broad selling pressure was visible as the BSE mid-cap index declined 1.56 percent and small-cap index slumped almost 2 per cent. On Friday, the Sensex had closed at 30,464.92, up by 30.13 points, while the Nifty50 ended the day at 9,427.90, down by 1.55 points. The stock had gained over 6 per cent yesterday.
ITC fell over 1 percent on profit taking after recent sharp gains.
While the S&P BSE Sensex shred 205.72 points (0.67%), to end at 30,365.25, the Nifty 50 closed below the 9,400-mark, down 52.10 points (0.55%), at 9,386.15.
In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 400.53 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 352.54 crore.
ITC dropped 1.2% after a 6% surge on Monday.
On Tuesday, Asian indices were mostly showing a positive trend except Japan's Nikkei 225 which was trading in red, down by 0.07 per cent. Hong Kong's Hang Seng, however, rose by 0.3% and Korea's Kospi 0.9%.
Among BSE sectoral and industry indices, FMCG rose 3.09 per cent followed by consumer durables 0.61 per cent, capital goods 0.50 per cent, teck 0.34 per cent, IT 0.34 per cent and telecom 0.12 per cent, while healthcare fell by 1.64 per cent, utilities 1.33 per cent, realty 1.29 per cent, oil&gas 1.28 per cent and power 1.23 per cent. The PSU bank sub-index on the NSE- Nifty PSU index slumped 1.73 per cent; Bank of India was the top loser from this space, down 5 per cent at Rs 150.