Markets ended a volatile day on a flat note with selling pressure witnessed in banking heavyweights.
The Sensex touched a high of 18,823 on sustained buying from FIIs in early trades.
However, the index changed direction and slipped 140 points from the day's high to touch a low of 18,683.
The BSE benchmark rebounded once again and finally ended at 18,727 - down 18 points.
Nifty ended down marginally at 5,625 -- down seven points.
"5706 is crucial resistance and till that is not taken off Nifty may consolidate in a range of 5706-5500.
The daily and weekly indicators are in buy mode and the recent rise is an impulsive move up.
Hence, I dont see much selling pressure but a mere consildation," said Somil Mehta, Sr Technical Analyst (Equity), Sharekhan.
Broader markets, however, managed to stay in the green, albeit with nominal gains.
The BSE small-cap index added 0.2% at 8,357. Mid-cap index was unchanged at 6,962.
Foreign institutional investors have been investing heavily in Indian markets. According to provisional data, FIIs have bought shares worth Rs 2,557 crore from July 1, 2011.
Fresh euro-zone debt concerns unfolded late on Tuesday, when Moody's downgraded Portugal's long-term government bond ratings to speculative.
Asian markets were mostly in red. Hang Seng shed 1% at 22,518.
However, Nikkei advanced 1% to 10,082. Seoul Composite and Taiwan Weighted moved up while Shanghai Composite ended in the red.
Meanwhile, in India, the important review meet to resolve inter-ministerial