BSE Sensex hit banks, Reliance falls

The BSE Sensex falls 0.51 percent, while the Nifty declines 0.59 percent.

Banks lead falls a day after RBI again indicated it was unlikely to act soon to ease rates despite slowing growth, in its annual 2011/12 report.

ICICI Bank down 1.9 percent, while State Bank of India declines 0.9 percent.

Reliance Industries shares continue to reel on worries about lower refining margins, down 1.7 percent.

Infosys shares down 1.3 percent. Bank of America-Merrill Lynch warns discretionary IT spending, which makes up a good chunk of its revenues, has seen no pick-up, while demand from financial services "remains challenged" in the near-term.