The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
Data showed the country's wholesale price-based inflation eased to an eight-month low in January as food prices moderated, offering some relief to policymakers who have long battled to get a handle on surging prices.
The broader markets ended in line with the benchmark indices- BSE Midcap and Smallcap indices ended higher by 1.3% and 0.9% each.
China has demonstrated that it has the power to not be isolated, and it is likely to become more powerful over time.
Hectic preparations are on at the newly-formed Niti Aayog to welcome the first Vice-Chairman Arvind Panagariya and other members whose appointments were approved by Prime Minister Narendra Modi on Monday.
A sustained rise in equity market also boosted the rupee sentiment.
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
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Markets ended flat on Tuesday, amid a volatile trading session, as investors exercised caution ahead of the two-day FOMC meet starting today and Reserve Bank of India's monetary policy later this week.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
The rally in index heavyweight ITC has boosted the sentiment across the board.
'The Chinese devalued the yuan initially but then stopped'.
The S&P BSE Sensex ended 46 points lower at 24,824 and Nifty50 settled at 7,555, down by 8 points after hitting intra-day high of 7,600.45.
Rate-sensitive sectors like banks, realty and auto witnessed heavy selling pressure ahead of the RBI Monetary policy which is scheduled on September 29.
The finance ministry has put out a revised draft in public domain.
The question really is whether the US can be persuaded to embark on a path of calibrated and stronger sanctions on Pakistan.
However, IT stocks fell on weak growth forecast by Gartner
Pro-growth economist Arvind Panagariya has been appointed as first vice-chairman of the newly announced NITI Aayog, which has replaced the Planning Commission.
India's GDP for the three-month period ended September 30 grew 7.4%.
Panagariya has advocated a more liberalised spending, arguing that greater capital expenditure could relax some of the infrastructure bottlenecks facing the country.
The renminbi is expected to weaken another 2 per cent in six months.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
Above normal monsoon forecast and strength in Asian equities lifted sentiments.
India is keen on the issue of equal share holding since it doesn't want a repeat of the distortions that have crept into Bretton Woods institutions like International Monetary Fund, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
The rupee resumed higher at 61.75 as against the last closing level of 62.05 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a one-month high of 61.53 before quoting at 61.59 per dollar at 1045 hours.
The 30-share Sensex ended down 414 points at 25,481 and the 50-share Nifty slipped 119 points at 7,603.
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
As concern about the unfolding economic crisis has risen in India, many experts have assured us that 2013 is not 1991.
The 30-share Sensex ended 271 points higher to end at 28,930 and the 50-share Nifty climbed 76 points to close at 8,776.
Positive cues from Asian peers also uplifted the sentiment.
The 30-share Sensex ended lower by 61 points at 29,122 mark and the 50-share Nifty slipped by 12 points to close at 8,797.
Urjit Patel as the new RBI governor whose focus is on taming inflation has lowered the probability of interest rate cut soon
Sensex, Nifty end lower on global concerns.
'I feel now we have a leader who is non-corruptible.' 'But he needs time as corruption is deep-rooted in our society, and people have no shame about being corrupt.' 'It will take at least 7 years to make some changes.'
The S&P BSE Sensex plunged 301 points to close at 25,490 and the Nifty50 fell 86 points to end at 7,815.
On the sectoral front, rate-sensitive sectors such as Bankex and Auto gained by 1% and 0.7% respectively while BSE Consumer Durables gained 1.4%.
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
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