Market Closing: Benchmark indices closed lower for second consecutive day amid liquidity crisis and weak global cues.

The Sensex fell 71.53 points to 39,122.96 and the Nifty declined 24.40 points to 11,699.70. The Nifty Midcap and Smallcap indices dropped 0.4 percent each.

UPL, Yes Bank, M&M, Indiabulls Housing and TCS were top gainers among Nifty50 stocks, rising 1-5 percent whereas JSW Steel, ONGC, Eicher Motors, Tata Steel and Vedanta fell 2-3 percent.

Reliance Power, PC Jeweller, IFCI, Glenmark Pharma, Mahanagar Gas, IGL, Gujarat Gas, Motherson Sumi, Cadila Healthcare, Edelweiss FInancial and Dish TV were down 3-12 percent.

Jain Irrigation, HDIL, DHFL, Zee Media, BHEL and NBCC rallied 3-14 percent.