In forward market today, premium for dollar declined on sustained receivings from exporters.
Institutional investors led by foreign portfolio investors have bought these shares.
Rupee rebounds from one-week low, up 9 paise against dollar.
Investors are keenly focused on new govt's first full-year Budget.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
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.
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.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
The rupee's strength against its competitor could come to haunt exporters.
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
Market breadth on the BSE ended firm as 1,908 shares advanced and 1,156 shares declined
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
On the sectoral map, consumer durables stayed in the lead by surging 2.39 per cent, followed by realty index, oil and gas and infra.
The Nifty rose 176.50 points, or 1.74 per cent, during the week.
Dealers attributed the rupee's fall to fresh demand for the US currency from importers
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
'Election years tend to see high government expenditure on unproductive schemes, though that money sloshing around can boost private consumption.' 'Again, it can mean higher inflation,' explains Devangshu Datta.
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
Rupee ends day at 61.91 against the US dollar.
The dollar maintained its bullish momentum in Asian and early European trade
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.
In the longest losing streak of 2017, the BSE Sensex has lost 1,270 points, or 3.91 per cent. It fell to a three-month low of 31,154.03 on Wednesday.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
The rupee resumed marginally lower at 67.24 per dollar against Wednesday's closing level of 67.21.
Sluggish domestic equities and persistent capital outflows largely pressurised the Indian unit
The broader NSE Nifty gained 22 points to 10,480.60
Sebi is looking at further tightening the norms for P-Notes to address concerns raised by the Special Investigation Team on black money.
Robust capital inflows alongside a slightly weaker greenback too reinforced the dominance of the home currency
The rupee resumed higher at 61.13 per dollar as against yesterday's closing level of 61.40 at the Interbank Foreign Exchange and strengthened further to 60.90 per dollar before ending at 61.05 per dollar, a gain of 35 paise or 0.57 per cent.
Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The rupee ended the day stronger against the dollar.
Rupee logs longest winning streak since 2012; up 19 paise.
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
The dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up by 0.19 per cent at 95.48.
Consistent capital inflows and a recovery in local equities helped the local unit to trim initial losses
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