Reuters Market Eye - The BSE Sensex falls 0.5 percent, while the broader Nifty is 0.4 percent lower, heading towards their second consecutive day of declines.
The U.S. Federal Reserve is due to end a pivotal two-day meeting on Wednesday. Markets are keenly waiting for Chairman Ben Bernanke's comments on when and how the Fed will start reducing the third round of its bond-buying programme known as "quantitative easing".
Banks fall on fears that an end to the Fed monetary stimulus could push the rupee lower, delaying any rate cuts from the Reserve Bank of India.
Axis Bank is down 0.9 percent, while ICICI Bank falls 0.7 percent.
However, IDFC shares gain 1.8 percent, while Religare Enterprises is up 2.2 percent after both companies took steps to apply for banking licences, continuing their quest to diversify their businesses.
(Reporting by Abhishek Vishnoi)
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