In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.6% and 1.3%, respectively to touch their fresh lifetime highs.
Firms hired additional hands to keep up with the production demand
Currency scarcity weighed on manufacturing performance where growth of new work flows slowed
BSE Bankex and Telecom indices led the fall.
The improvement in business conditions promoted job creation, while confidence towards the year-ahead outlook for activity was at a four-month high during March.
Business confidence remained positive in August and was driven by upbeat forecasts of sales, an expected improvement in demand and promotional activities
On the employment front, services employment was unchanged in April.
TCS was the top gainer in the Sensex pack, rising around 2 per cent, followed by ONGC, SBI, L&T, Infosys, HCL Tech, ICICI Bank and Axis Bank. The broader NSE Nifty surged hit a record high of 14,109.40.
India's services industry expanded at its fastest pace in eight months in October as new business rose with discounting probably stoking demand, a survey showed on Wednesday.
The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.
The Nikkei India Services Purchasing Managers' Index, which tracks services sector companies on a monthly basis, stood at 52 in September, down from August's 43-month high of 54.7, pointing to a slower and moderate rate of expansion.
A reading above 50 indicates expansion while a one below this level means contraction.
A reading above 50 means the sector is expanding, while a reading below 50 means contraction.
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
A reading below 50 means contraction in the sector.
A reading below 50 means contraction in the sector.
Service providers' confidence with regard to the 12-month outlook for business activity remained positive.
Market sentiment suffered a jolt after other Asian markets closed with widespread losses and European markets dropped in early trade
Manufacturing production growth eased in May, which combined with the slowdown in services resulted in a weaker increase in private sector output, the survey said.
A reading above 50 represents expansion while one below means contraction.
The biggest losers in the Sensex pack were Vedanta, Tata Steel, M&M, Tata Motors, Maruti, Hero MotoCorp, PowerGrid, Bharti Airtel, SBI and Coal India -- falling up to 4.48 per cent.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
The upcoming corporate results season and the approaching Union Budget kept investors on their toes
Sentiments turned somewhat weak towards the middle of the session as profit-booking emerged as investors turned cautious on disappointing quarterly earnings by some bluechip companies
The NSE Nifty, however, ended a shade higher by 6.65 points or 0.06 per cent at 10,442.20
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
However, IT stocks fell on weak growth forecast by Gartner
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
The index went below the crucial 50 mark.
Inflation in India probably edged up in October as food prices climbed while weak demand is expected to have hurt factory output growth.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
Investors went looking for bargain in banking, oil and gas and auto stocks.
Investors indulged in buying beaten down blue chips at lower and attractive levels.
The benchmark BSE Sensex ended down 2.23 per cent. The Bank Nifty fell 3.59 per cent.
Growth concerns on China, which has already seen the yuan getting devalued twice in August, have rattled global financial markets, including that of India.
The 30-share S&P BSE Sensex ended up 130 points at 25,400 and the Nifty50 rose 46 points to close at 7,759.
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
Services growth at 5-month low in Nov as confidence slumps.
Banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line
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