The 30-share Sensex ended 50 points lower at 28,112 and the 50-share Nifty declined 12 points to close at 8,531.
Markets shrugged off RBI's neutral stance on key policy rates.
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
Investors booked profit ahead of the outcome of the two-day US Fed policy meet which begins today.
HDFC, TCS, RIL, ITC and ICICI Bank dragged the Sensex by over 100 points.
Sensex gained nearly 0.4% or 96 points at 26087 level while Nifty ended up by 42 points or 0.5% at 7,791.40 level.
'By not letting bankrupt banks fail, we have discouraged ordinary folk from taking precautions while choosing their bank or at least when they hear bad news about their bank,'says S Muralidharan, former MD, BNP Paribas.
The Indian rupee slumped to a record low near 69 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.
The 30-share Sensex ended down 35 points at 26,349 and the 50-share Nifty ended down 20 points at 7,864.
Markets ended in green on rate cut hope.
Benchmark indices finished higher on hopes of economic reforms
In the metal pack, Tata Steel was up 3.7% while Vedanta was up 1.8% .
Nifty snaps 10-day winning streak
Sensex ended up 190 points at 25,519 and Nifty climbed 57 points to end at 7,626.
The Sensex ended at a fresh record closing high of 28,889 while Nifty ended at a fresh record closing high of 8,730.
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
Sensex closed the day 416 points higher.
The broader markets are trading inline with the larger peers with BSE Midcap and Smallcap indices up 1.5% each.
Pharma major Lupin and mortgage lender HDFC were the top losers.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 29,008 and 8,767 respectively.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
From the valuation angle, the market is showing similar signs of being over-valued without being in a bubble territory yet.
Markets recovered in late trades, amid firm European cues, led by rebound in financials and gains in IT shares.
Infosys, TCS, HUL and Reliance Industries were the top gainers of the day.
The benchmark BSE Sensex ended down 2.23 per cent. The Bank Nifty fell 3.59 per cent.
A customer wanting to buy a car would have to wait a long time for delivery.
Financials ended mixed despite the status-quo on key rates by the RBI. SBI, ICICI Bank and Axis Bank ended up 0.4-2.5% each.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Sensex ends lower; govt schemes in focus.
The RBI kept interest rates unchanged at 8 per cent as widely expected.
IIP for November 2015 and CPI for December 2015 will be announced today.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
'Everyone is still trying to understand the quantum of impact demonetisation will have on the economy.'
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