Mumbai, Jan 18 (IANS): A benchmark index for Indian equities markets Wednesday closed on a dull note amid selling in IT and metal stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Excahange (BSE), which opened at 16,502.42 points, closed at 16,422.93 points (provisional), 43.12 points or 0.26 percent down from its previous close at 16,466.05 points.

It had rallied over 276 points in Tuesday's trade.

Reliance Industries was the big exception with news of a share buyback sending the stock soaring. The RIL scrip closed 4.17 percent higher at Rs.771.25 at the Bombay Stock Exchange. It had touched a high of Rs.786.80.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed lower at 4,954.7 points -- down 0.43 percent or 21.6 points from its previous close.

Broader markets were also subdued. The BSE 500 index closed 0.6 percent lower from previous close. The BSE midcap index ended 1.15 percent down and the BSE smallcap index slipped 1.03 percent.