Financial shares were among the top Sensex gainers along with auto and pharma shares.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
The broader markets, however, outperformed their larger peers.
Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
The Nifty closed at 10,335.30, down 28.35 points, or 0.27 per cent.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
Short-covering and the propping up of net asset values have potential to boost frontline as well as second-rung names next week
Companies like Yamaha Motor India, Honda Motorcycle and Scooter India, Suzuki Motorcycle India and TVS Motors are all geared up to launch bikes to shake-up Bajaj's stronghold -- the 150-250-cc segment
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
Since last month, the realty (down 23%), auto (down 16%) and finance (down 14%) indices have underperformed the market by falling over 13%, as against 8% decline in the benchmark indices
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.
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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.
If the drop in sales over the past two years is anything to go by, India's dream of putting seven million electric vehicles on road by the end of this decade has come a cropper.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Sun Pharma was the biggest loser among Sensex components, plunging 3.94 per cent, followed by Tata Steel falling 3.12 per cent.
Car sales in India surged by 12.87 per cent in December.
India's GDP for the three-month period ended September 30 grew 7.4%.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
Financials were the top losers after sharp gains in the previous session along with ITC
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
Car makers are cautiously optimistic, even as two-wheeler firms are clearly upbeat.
As the festive season approaches, two-wheeler manufacturers are gearing up to give their best. One of the major segment of the industry - -- the 150cc motorcycles - -- is already on fire with lots of fresh offerings.
FIIs pump in Rs 2,075 crore in past three trading sessions.
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Demand for passenger vehicles has been driven by new models, especially in the SUV category with the likes of Maruti Vitara Brezza and Hyundai Creta clocking good numbers
The India Meteorological Department on Tuesday said the monsoon this year is expected to be 'above normal.'
Markets finished the session on a dismal note with Sensex closing at its lowest level since August 2014.
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The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50% or about Rs 47 lakh crore of total investor wealth.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
Maruti Suzuki India said its domestic sales rose 10.6 per cent in May.
The S&P BSE Sensex dropped 207 points to end at 25,230.
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The 30-share Sensex lost 22 points to close at 27,090 and the 50-share Nifty gained 7 points to end at 8,121.
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