Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
Coal India topped the losers' list in the Sensex pack on Tuesday, falling 2.36 per cent, followed by Bharti Airtel at 2.16 per cent.
GVK Biosciences is the latest Indian firm to come under international scrutiny over quality issues.
The NSE Nifty too recovered over 100 points, or 0.96 per cent, to end at 10,576.85.
Metal stocks lose ground with Hindalco, Tata Steel, Sesa Sterlite down 4-10%.
The 30-share Sensex was up 191 points at 28,707.75 and the 50-share Nifty was up 54 points at 8,714.
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
Of the 30-share Sensex pack, 22 ended with losses while NTPC ended flat at Rs 127.30.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 35,827.70. The NSE Nifty also hit a record intra-day high of 10,975.10, before finishing at 10,966.20, up 71.50 points.
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
The broader NSE Nifty gained 22 points to 10,480.60
Nifty snaps 10-day winning streak
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
The S&P BSE Sensex dropped 207 points to end at 25,230.
Telangana chief minister K Chandrasekhar Rao on Wednesday announced the establishment of a massive industrial park dedicated to pharmaceutical manufacturing activities.
Out of the 30-share Sensex pack, 21 ended lower and one remained unchanged
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
FDA had cancelled Ranbaxy's approvals to launch generic Nexium, Valcyte
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
A global policy would reward firms which strive for higher quality.
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
The NSE 50-share Nifty spurted 97.25 points, or 0.92 per cent, to 10,715.50
Traders are closely watching the progress of the monsoon.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
Next set of Q4 FY16 earnings, progress of monsoon along with election poll outcome will dictate market trend this week
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
In absolute terms, the year closed with the market capitalisation of all BSE-listed companies rising by Rs 45.5 lakh crore to Rs 152 lakh crore, or an increase of 42.8 per cent, compared to the closing value on December 30, 2016, says Pavan Burugula.
The 30-share Sensex gained 117 points to end above 29,000 at 29,006 while the 50-share Nifty gained 32 points to close at 8,761.
Covering-up of short positions ahead of Thursday's expiry of August series in the derivatives segment gave equities a slight push
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
Tata Steel was the day's worst performer in the Sensex pack, plunging 3.25 per cent, followed by Bharti Airtel at 3.05 per cent.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
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