Indian shares declined on Wednesday, as investors booked profits in recent outperformers after the central bank cut interest rates on expected lines.
The Reserve Bank of India cut its policy rate by 25 basis points to 6 percent, the lowest since November 2010, in line with market expectations.
The S&P BSE Sensex dropped 0.30 percent to 32,476 while the broader NSE Nifty shed 0.33 percent to 10,081.
S&P BSE Bankex Index closed 0.1 percent lower, paring most of its intra-day gains following the rate-cut decision.
ICICI Bank, Federal Bank and State Bank of India lost between 0.1 percent and 0.4 percent.
Lupin rose 1.6 percent after U.S. drug regulator approved generic lidex ointment.
Gujarat State Fertilizers & Chemicals gained 1.2 percent after the company said it has re-started its Ammonia-IV plant.
Among the laggards, Reliance Defence and Engineering declined 3.7 percent after the company's loss widened to Rs 230.4 crore in June quarter.
Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.
Meanwhile, Asian shares climbed along with the U.S. stock futures following steallar earnings from technology giant Apple.
Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule.
