Closing Bell: Nifty slips below 17,700, Sensex corrects by more than 500 points; consumer durable, oil & gas stocks decline most

The Indian markets edged lower by about 1% amid profit taking and weak global cues on Thursday, a day ahead of the Reserve Bank of India's monetary policy announcements. The broader Nifty50 slipped below 17,700, while the Sensex tanked by more than 500 points.  

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In the broader market, Nifty midcap corrected by nearly 1% and the small cap indices dropped about 0.3% as India Volatility index close near 19-mark. 

Among sectors, except pharma and healthcare, all sectoral indices turned negative with metal, auto, consumer durables and oil & gas declining the most in a negative market.  

Axis Bank, Divis Lab, Hindustan Unilever, ICICI Bank, Dr Reddy's, Mahindra & Mahindra, Tech Mahindra and State Bank rose in an otherwise weak market. Adani Ports, Titan, HDFC, ONGC, HDFC Bank, Power Grid, Wipro and TCS were among top losers on Thursday.