Markets have a soft closing; Nifty breaches 8,350: The markets declined for the second consecutive session due to weakness in index heavyweights such as ONGC, RIL, Tata Motors and ITC. The absence of fresh triggers, weak quarterly earnings from Corporate Inc, lingering Greece fiscal woes and the impending derivatives expiry seem to have dampened sentiments on Dalal Street. The Sensex ended this session at 27,531, lower by 112 points and the Nifty settled below the crucial technical level of 8,350 at 8339, down 31 points. Extending losses for the second straight day, the rupee depreciated 37 paise to 63.93 against the dollar at the Interbank Foreign Exchange market as the dollar firmed up overseas. The dollar's gains against other currencies overseas, increased demand for the dollar from importers and a lower opening in the domestic equity markets put pressure on the rupee.