The broader NSE Nifty rose nearly 124 points to settle just below the psychological 11,000 level.
Infosys was the worst performer among the bluechips on both the key indices.
Equity indices gave up early gains to close in the red for the third session on the trot on Wednesday, weighed by selling in banking and finance counters amid inflationary pressures and persistent foreign fund outflows. A weak rupee and lacklustre global cues also kept buying sentiment in check, traders said. The 30-share BSE Sensex opened on a firm footing but failed to hold on the momentum, finishing 237.44 points or 0.41 per cent lower at 58,338.93. On similar lines, the broader NSE Nifty dipped 54.65 points or 0.31 per cent to close at 17,475.65.
Wipro rose the most, up 3.12 per cent, ahead of its board meeting to discuss buyback of shares.
Crisil Research expects retail inflation to rise 60 basis points to 4 per cent this fiscal from 3.4 per cent in 2018-19.
The BSE Midcap index has declined 5.7% thus far in May 2018. In comparison, the S&P BSE Small-cap index has lost 5.6%
L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
The stock markets, which had opened in the green on rate cut hopes, tumbled after the monetary policy announcement.
The Street was following the Karnataka election closely as a test for the Modi-led BJP's prospects in the 2019 Lok Sabha poll. Investors, however, are likely to wait for the next round of state elections to judge whether the momentum is still with it.
SBI was the top gainer in the Sensex pack, jumping around 3 per cent, followed by Kotak Bank, Axis Bank, Bajaj Auto, Tech Mahindra, UltraTech Cement and PowerGrid. NSE Nifty rose 36.40 points to 15,337.85.
Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent).
Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent. Sun Pharma was the top loser, cracking 8.58 per cent.
Markets suffered after other Asian indices closed in the red, tracking record-breaking losses at the Wall Street overnight.
It was the second straight week of gains for the benchmarks.
The Sensex took just five trading sessions to surpass the 36,000-level milestone, from 35,000.
The Sensex gained 7,430.37 points, or 27.91 per cent, this year.
The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95.
'The announcement has come too late. This should have been done years ago.'
BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS
Heavyweights such as Coal India, L&T and SBI ran up losses, taking cues from overseas markets.
Linking all accounts is a difficult and costly task for brokers
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
ITC was the biggest gainer in the Sensex pack, rallying 3.14 per cent. Maruti Suzuki, Axis Bank, Hero MotoCorp, Vedanta, Asian Paints, M&M, HUL, Bajaj Auto and PowerGrid were among the other top gainers, rising up to 2.13 per cent.
Major losers include Lupin 1.96 per cent, along with Tata Motors, Coal India and Sun Pharma.
SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&T, Sun Pharma, M&M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent.
BSE Auto index fell over 0.5% after reports that automobiles might get costlier post GST
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
Sustained foreign fund inflows and strengthening rupee are among the main reasons behind the market rally.
Session-wise data indicates small investors have taken money off the table in more sessions than they have pumped in additional capital.
TCS is the country's most valued firm with a market capitalisation of Rs 687,123.96 crore
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
Dr Reddy's was the top gainer in the Sensex pack, rising over 3 per cent, followed by PowerGrid, TCS, HCL Tech, Infosys and Reliance Industries. On the other hand, L&T, IndusInd Bank, Bajaj Finserv and Bharti Airtel were among the laggards.
Risk sentiment received a boost after eight core sectors grew to a five-month high of 4.9 per cent in August
The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%
A weak economy coupled with rising Covid-19 cases and inflation that is above RBI's comfort zone, geopolitical developments, and upcoming India Inc's second quarter results for FY21 could impact sentiment, analysts say.
The Nifty closed at 10,335.30, down 28.35 points, or 0.27 per cent.
The NSE Nifty ended up 19.65 points, or 0.20 per cent, at 9,788.60 after shuttling between 9,854 and 9,775.35 during the day.
Bulls might be on the rampage on Dalal Street but lofty valuations of the Indian equities present a reason for concern and the markets could perhaps witness up to 10 per cent correction, according to analysts. Benchmark indices have been on a record-breaking rally lately and August witnessed the stock market reaching many new highs. The BSE benchmark soared over 9 per cent last month.
The 50-share NSE Nifty, however, was little changed, ending 1.20 points down
Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&M and ITC.
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