The market players are expected to react to the better than expected factory output data for the month of August, which revealed that the industrial production grew by 6.4%.
Jindal Steel and Power was the top loser down 10% followed by Hindalco, Tata Steel, Tata Power which ended down between 0.5-3% each.
Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy.
The Nifty had hit its third successive record high of 7,922.70 today.
The 30-share Sensex ended down 414 points at 25,481 and the 50-share Nifty slipped 119 points at 7,603.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
The 30-share Sensex closed down 115 points at 28,444 and the 50-share Nifty ended down 31 points at 8,524.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
Market breadth ended weak on the BSE with 1,838 declines against 1,218 advances.
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
Markets surged on hopes that the exit polls would show that the BJP winning majority in the general elections.
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.
Sensex gained 38.18 points or 0.15% at 25,918.95 and Nifty ended higher by 12.50 points or 0.16% at 7,739.55.
The 30-share BSE Sensex closed down 162 points at 28,338 and the 50-share Nifty was down 67 points at 8,463.
It was the RBI which destroyed our $-job economy. It is for the RBI to resurrect it by instituting news ways of managing the INR, says Sonali Ranade
Markets in green tracking firm global cues.
German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn.
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng and Shanghai Composite were trading marginally lower.
The 30-share Sensex ended down 35 points at 26,349 and the 50-share Nifty ended down 20 points at 7,864.
Markets extended gains led by financials and capital goods shares coupled with a rebound in IT shares.
Greek proposals hailed as "a positive step forward".
The market breadth in BSE remains positive with 1,554 shares advancing and 1,196 shares declining.
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
BSE Mid-cap and BSE Small-cap lost 2.5% and 3.1% after oil prices soared
Don't catch falling knives or chase bear rallies no matter how enticing those eight pc green blips look. They may be mouse traps, warns Sonali Ranade
Time to take profits and move to the sidelines in an euphoria, says Sonali Ranade
Sensex ended above 26,000 led by telecom shares amid TRAI's spectrum sharing norms.
FIIs pump in Rs 2,075 crore in past three trading sessions.
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
Hoard cash. There will be plenty of time and opportunity at far lower levels, warns Sonali Ranade in her weekly Market Notes