TCS and Infosys were the top losers in the Sensex pack, falling up to 3.39 per cent.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
Revenues, profit margins will be hit in the next one year, but more demand in the longer run.
Shares of IT companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise lower market
IT stocks are up on hopes of a recovery, but concerns over weak demand and pricing pressures still exist
Even though stocks may remain volatile in the run-up to the polls, as political parties stitch up alliances, the long-term trajectory for the markets remains bullish.
The mid- and small-cap indices had a dream run between January 2017 and January 2018 - zooming 48 per cent and 56 per cent, respectively.
The 50-share NSE Nifty after moving between 10,374.30 and 10,307.30 settled flat at 10,348.75, up 6.45 points, or 0.06 per cent.
Sun Pharma dipped 2% to Rs 615 on the BSE, its lowest level since November 9, 2016
In line with Sensex, the broader indices also saw hefty losses. Large cap index tumbled 0.79 per cent, midcap 0.87 per cent and smallcap 0.57 per cent.
The BSE IT index on Wednesday recorded its second-highest one-day gain in the past one year and investors' wealth in IT stocks rose by over Rs 15,000 crore (Rs 150 billion).
BSE-IT index slumped over 10 percent after Infosys, the second-biggest software exporter, guided for a revenue growth of 6-10%, much below of 12-14% for the fiscal 2014.
The company's IPO -- the first by a private bank in a decade -- was oversubscribed a staggering 69.62 times.
The base price would be made public only after the close of market hours on Thursday.
Shares of software services firm Wipro fell by over 5 per cent in the morning trade today even as the company reported 18 per cent rise in its consolidated net profit for the third quarter ended December 31, 2012.
The 50-share NSE Nifty, however, was little changed, ending 1.20 points down
Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
It had net loss of Rs 355.55 crore (Rs 3.55 billion) in the January-March quarter of 2010-11, Kingfisher said in a filing to the BSE.
Good performances by most information technology (IT) companies in the September quarter and improved forecasts notwithstanding, with the exception of Infosys, stocks of IT biggies such as TCS, Wipro and HCL Technologies have fallen three to nine per cent since Infosys announced its earnings on October 11.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
The broader NSE Nifty closed 1.25 points, or 0.01 per cent down at 10,564.05.
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
The deal includes Reliance Infrastructure's integrated business of Generation, Transmission and Retail Electricity Distribution
Bids for the issue, which opens on January 23 and closes on January 25, can be made for a minimum of 18 shares and in multiples of 18 thereafter.
The Multi Commodity Exchange has filed its draft red herring prospectus with the Securities and Exchange Board of India for the company's public offer. It will list only on the Bombay Stock Exchange (BSE).
The company commands a market valuation of Rs 31,702.37 crore (Rs 317.02 billion).
Reliance Industries on Tuesday toppled state-run oil major ONGC to become the country's second most valued firm after TCS.
Shares of ITC ended 1.65 per cent higher at Rs 330.20
The 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
First case filed after new norms come into force, NCLT admits plea.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
Broader market underperformed the headline indices
The BSE IT sector, however, failed to snap a three-day losing streak and closed around 0.14 per cent lower.
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.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
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.
Sentiment continued to be weighed down by the government's move last week to withdraw high-value currency notes and disappointing quarterly earnings by some more blue-chip companies, brokers said.
IT stocks saw massive selling pressure on Monday, falling as much as 6 per cent, after the rupee surged to 58.37 against the US dollar intra-day.
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