Indian shares declined for a third time this week after some investors deemed the run up in key equity benchmarks overdone.

The S&P BSE Sensex swung in a 360-point range before closing 0.5 percent lower at 28,839. Meanwhile, the NSE Nifty index lost 0.6 percent to 8,899. This after the 50-share index rose as much as 0.5 percent intraday to 8,992 – a fresh 52-week high.

The market breadth turned firmly in favour of the sellers by end of trade. About 1,164 stocks declined, 323 advanced and 58 remained unchanged on the NSE.