The profit booking continued on second consecutive session on August 28 as the benchmark indices fell nearly 1% after 50% US tariffs on India came into effect.

The market opened lower, continuing Tuesday's fall, with Nifty falling below 24,500, intraday, amid selling across the sectors. However, buying at lower levels, especially in consumer durables names, capped the losses.

At close, the Sensex was down 705.97 points or 0.87% at 80,080.57, and the Nifty was down 211.15 points or 0.85% at 24,500.90. The BSE midcap index shed 1 percent and smallcap index declined 0.9%.

Biggest Nifty losers included Shriram Finance, HCL Technologies, TCS, Power Grid Corporation, Infosys, while gainers were Titan Company, L&T, Coal India, Asian Paints, Hero MotoCorp.

Among sectors, except Consumer Durables, all other sectoral indices ended in the red with bank, IT, realty, FMCG, telecom down 1% each.

In stock-specific action, Interglobe Aviation shares plunged 5% on block deal, Sri Lotus Developers shares were down 4.4% as consolidated profit fell 35%, Shilpa Medicare shares gained 2% after arm partners with Pharma Pharmaceutical Industries, SMS Pharmaceuticals shares were down 4% despite EIR from USFDA, Lemon Tree Hotels shares gained on signing license agreement for a hotel property in Maharashtra, Hero MotoCorp shares gained after Jefferies upgraded stock to 'hold' with target of Rs 5,200.

More than 80 stocks touched their 52-week highs on the BSE, including UNO Minda, Authum Investment, Maruti Suzuki, Nykaa, Eicher Motors, Nuvoco Vistas, TVS Motor, among others.