Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
The sentiment-driven rally also got support from stock specific earning results and Finance Minister Arun Jaitley's statement that the Centre will step up reforms to attract more investment and fill up infrastructure deficit.
Tata Steel was the day's worst performer in the Sensex pack, plunging 3.25 per cent, followed by Bharti Airtel at 3.05 per cent.
Indian IT industry veterans believe lack of maturity from the political leadership may have helped people in the US to take advantages.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
The broader NSE Nifty closed 1.25 points, or 0.01 per cent down at 10,564.05.
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
'The failures of private businessmen have set back the process of market-oriented reform, though that is the only way forward,' argues T N Ninan.
Investors booked profits in recent gainers
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 per cent.
The NSE Nifty, which dipped below the key 10,800-mark to touch a low of 10,755.40, bounced back on late buying to close at 10,817.70, up 9.65 points, or 0.09 per cent.
A squad of about 300 special Central Industrial Security Force commandos has taken over the security of a large Tata Steel manufacturing facility in coastal Odisha, making it the 7th private sector concern in the country to get armed cover by the paramilitary force to ward off terror threats.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
The broader NSE Nifty too reclaimed the key 11,500-mark. It touched a high of 11,562.25, before finally settling at 11,536.90, showing a gain of 59.95 points, or 0.52 per cent.
FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend.
He becomes 2nd Indian to win this award; N R Narayana Murthy won it in 2003.
On the telecom sector, he demanded auctioning of more spectrum.
'When you don't have food to eat, will you be worried about the virus or the next meal?'
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
The trend was visible in the early trade on Thursday as investors indulged in trimming their bets after the minutes of the US Federal Reserve's September meeting indicated a possible rate hike this year.
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.
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.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
At a time of massive job losses that is what the much-vaunted Indian IT sector needs. Ritwik Sharma reports.
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.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
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