HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
The Sensex ended at a fresh record closing high of 28,889 while Nifty ended at a fresh record closing high of 8,730.
The 30-share Sensex ended down 69 points at 28,192 and the 50-share Nifty closed 20 points lower at 8,551.
Tata Motors, ONGC, HDFC and TCS were the top gainers.
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.
The market breadth in BSE remains positive with 1,554 shares advancing and 1,196 shares declining.
The 30-share S&P BSE Sensex ended up 130 points at 25,400 and the Nifty50 rose 46 points to close at 7,759.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
Investor sentiment got a boost following remarks from the Russian President Putin that allayed fears of an imminent military conflict in Ukraine
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
Bharti Airtel, HDFC, ONGC, ITC and CIL emerged as the top gainers.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro, made a decent debut on the bourses
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
Multiple triggers such as asset sales, pickup in energy cash flows, increased traction in omni-channel retail, and rise in ARPUs could further drive the stock.
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
Riding on a strong stock market rally, Anil Ambani-led diversified business conglomerate Reliance Group has crossed Rs one lakh crore market valuation.
The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341.
The ongoing corporate results and the Union budget are also making participants tread cautiously though the GST agreement provided some relief.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
IIP for November 2015 and CPI for December 2015 will be announced today.
US stocks rose more than 1% on Tuesday, with the S&P 500 coming less than 2% below its record peak set last month.
The 50-issue NSE Nifty in range-bound movements settled higher by 59.15 points, or 0.58 per cent, at 10,252.10.
Among the Sensex pack, Yes Bank, L&T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent.
The decline was led by index heavyweight Reliance Industries along with ITC and HDFC.
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.
Nifty ends above 8,400; TCS, HDFC surge 2%, Bajaj Auto dips 2%.
Infosys, Tata Motors, ONGC, TCS and GAIL are the top 5 losers.
Markets ended lower on Tuesday, snapping a two-day winning streak, as investors turned cautious and booked profit in financials.
Primary steel producers in the domestic market have raised product prices by 2.5 to 3 per cent for December to address margin compression and in anticipation of a demand pick-up.
Markets were left high and dry last week, as the 'Monsoon Effect' played havoc on trader sentiment.
The 30-share Sensex ended down 215 points at 27,011.
The Sensex and Nifty remained above their key levels of 36,000 and 10,900 throughout the session, indicating strong investor optimism after a prolonged spell of caution.
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.
Richest 10 account for 41% of promoter wealth, up from 33% in December 2018, says Krishna Kant.
According to the foreign brokerage major, after two quarters of 'near-zero' growth aggregate headline profit for Sensex companies, it is expected to show a weak recovery.
Tracking gains in bluechip stocks, investors were also seen building up position in broader markets, lifting the small-cap and mid-cap indices by 0.83 and 0.15 per cent
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.