The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis.
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
Shares of IT companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise lower market
The broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59 per cent.
Investors booked profits in recent gainers
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
The market breadth, indicating the overall health of the market was strong
Profit-booking by participants in view of the domestic markets' recent record-setting run fuelled the downtrend
Markets across the globe are rallying on hopes that the US Federal Reserve won't lift interest rates until 2016.
The 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
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.
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
On BSE, 1,469 shares fell and 1,200 shares rose. A total of 190 shares were unchanged.
The NSE Nifty too recovered over 100 points, or 0.96 per cent, to end at 10,576.85.
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 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 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.
Broader gains were capped as investors awaited corporate results from major firms
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
HUL, UltraTech, Asian Paints, L&T, HDFC Bank top global valuation charts
The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.
S&P BSE Sensex settled at 31,170, up 60 points, while the broader Nifty50 closed at record high for third straight session. It ended at 9,624, up 19 points.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
The Nifty rose 176.50 points, or 1.74 per cent, during the week.
At this point of time, the requirement of the economy is obviously more investment, which will create more jobs and increase purchasing power that will sustain a high level of production, says K M Chandrasekhar.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
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.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
The broader NSE index has fallen about 0.9% as investors wait for corporate results
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
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.
Oil & gas, banking and pharma sector stocks stole the show
The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
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