The S&P BSE Sensex plunged 128 points to end at 25,102.
The Indian rupee also trimmed most of its early gains and was trading at Rs 61.28 compared to its Wednesday's close of Rs 61.31 to the US dollar.
Some leading Indian companies are likely to see their earnings declining if the Indian currency depreciates further, analysts and finance heads say.
The recovery was led by information technology exporters.
Most of the index heavyweights are yet to declare their results.
The S&P BSE Sensex surged 160 points to close at 25,262.
Kotak Mahindra Bank and Vedanta were the top Nifty gainers.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
Investors remain cautious ahead of F&O expiry.
Brokerages expect revenue growth at a 7-quarter high but profitability may disappoint.
Pharma major Lupin and mortgage lender HDFC were the top losers.
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