Market at close: Benchmark indices reported third straight session loss on July 22 but ended off day's low with Nifty below 11,350 level.

At close, the Sensex was down 305.88 points at 38,031.13, while Nifty was down 73.10 points at 11, 346.20. About 816 shares have advanced, 1680 shares declined, and 155 shares are unchanged.

Bajaj Finserv, HDFC, Kotak Mahindra Bank, HDFC Bank and Eicher Motors were among major losers on the Nifty, while gainers were Yes Bank, Vedanta, Hindalco Industries, Zee Entertainment and Indiabulls Housing.

Among sectors, Banks and FMCG indices ended 1 percent lower, while buying seen in the metal, pharma, energy, IT and auto. On the other hand, midcap index was down 0.6 percent, while smallcap index shed 1%.