The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.
Coffee Day Enterprises has already raised over Rs 334 crore from anchor investors.
Metals bucked the trend and shone across the board.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
The BSE Sensex gained 104.63 points to end at 33,147.13, while the broader Nifty spurted 48.45 points to finish at 10,343.80.
In the broader market, BSE Midcap and BSE Smallcap indices mirrored the gains in headline indices and rose 1% and 0.9% respectively.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Analysts say lack of strong moves in stocks or sectors contributed to markets moving indecisively.
Interest rate sensitive stocks gain ground post decision
The rupee had retreated four paise from its 11-month high levels to close at 58.63 against the dollar on Tuesday on fresh demand for the US currency from importers, amid some profit- booking in stocks.
Foreign investors have bought nearly $5 billion worth of debt so far in 2014.
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
This surpassed its previous record close of 29,974.24, reached on April 5.
Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy's Labs and ICICI Bank, all up between 1%-3%
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The 30-share Sensex ended higher by 31 points at 26,591 and the 50-share Nifty gained 10 points at 8,061.
The RBI governor's assurance should give investors enough confidence to start believing in the NBFC sector again, say bankers.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
A strong set of industrial output numbers for January provided the perfect backdrop to reap more dividends, with the IIP having expanded 2.7 per cent year-on-year.
'After multiple days of losses, any relief rally is welcome. However, the trend hasn't changed.'
The NSE Nifty, comprising 50 shares, breached the 8,300-mark for the first time to hit a new lifetime high of 8,330.75.
Citi, HSBC and UBS etc have already cut their market targets.
Markets recorded their biggest single-day fall since August 1 amid growth concerns in the euro zone.
Similarly, the wide-based 50-issue CNX Nifty of the NSE jumped 109.30 points, or 1.46 per cent, to end above 7,500-mark for the first time at 7,583.40.
Most experts said indices would open higher on Monday and rally might sustain for a few sessions
Investment bankers said retail investors were pulling back, while institutions were being pickier
The 30-share Sensex ended down 71 points at 26,710 and the 50-share Nifty lost 38 points to close at 8,030.
The 91.9 per cent slide in the stock price of Gitanjali Gems since April has depleted the value of promoter Mehul Choksi's holding in the company by at least Rs 17 crore (Rs 170 million) a day on an average.
The exchanges have put in place systems which generate alerts on company-specific news in the media. And, then follow up with companies to verify the news.
Rumours about a spike in taxes for equity investors are flying thick and fast.
If you leave too much money lying in your trading account or hand over your securities to brokers, there is always the risk that they could use it to trade in the markets.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
The broader markets closed in tandem with their large counter parts- BSE Midcap and Smallcap indices lost 0.065 and 0.10%, each.
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
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