The 30-share Sensex ended down 90 points at 19,429 after hitting an intra-day low of 19,398 and the 50-share Nifty ended down 40 points at 5,881 after touching an intra-day low of 5,871.
The ongoing corporate results and the Union budget are also making participants tread cautiously though the GST agreement provided some relief.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
The local markets are expected to react to global triggers until the government announces the Union Budget.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
The main factors contributing to the above-50.0 PMI reading were growth of both new orders and output as market conditions returned to normal and led to subsequent improvement in demand.
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.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Nifty PSU Bank index gained 1% led by Allahabad Bank, Andhra Bank, Syndicate Bank and IDBI Bank
ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
Most of the 30-Sensex constituents led by M&M, Adani Ports, BhartiAirtel, Bajaj Auto, Hero MotoCorp, ICICI Bank, Sun Pharma, Cipla, HDFC Ltd, ONGC and Hind Unilever were trading in negative terrain, falling by up to 5.77 per cent.
Barring oil and gas, all BSE sectoral indices finished in the green.
During March, the rate of inflation slowed to the weakest in four months and was below the long-run survey average
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
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.
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
There were more than three losers against every gainer on BSE
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
With global crude prices softening and the govt taking steps to curb inflation, the Indian growth story still has some steam left in it.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
BSE Bankex and Telecom indices led the fall.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
The NSE Nifty too ended 58.60 points, or 0.54 per cent, higher at 10,967.30 after shuttling between 10,985.15 and 10,928 during the session.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
NTPC, Sun Pharma Coal India and Asian Paints were among top losers on BSE Sensex
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.
Markets ended lower on Tuesday, snapping a two-day winning streak, as investors turned cautious and booked profit in financials.
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
On the BSE, 1,650 shares declined and 1,188 shares rose
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
The market breadth, indicating the overall health of the market, was positive
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