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.
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They prefer foreign markets owing to comparatively lower margins than Indian exchanges.
Services companies continued to raise prices, though the rate of change was the weakest since April
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Supported by greater demand from both domestic and external markets, total new business rose at the fastest pace since March
China consumed roughly 10.50 million barrels per day of oil in June.
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.
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The local markets are expected to react to global triggers until the government announces the Union Budget.
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.
A reading above 50 denotes expansion while one below means contraction.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
The decision will embolden populists across the continent.
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
The NSE Nifty ended at 4,346, down 183 points.
Lupin was the top gainer after the USFDA cleared its Goa facility
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.
Sensex has shed over 150 points in afternoon trade.
Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
The dollar is king in an intermediate correction, says Sonali Ranade
The NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent lower at 10,301.05.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
The ongoing corporate results and the Union budget are also making participants tread cautiously though the GST agreement provided some relief.
The broader NSE Nifty scaled a high of 10,856.55 before closing up by 55.90 points, or 0.52 per cent
This is the highest closing for both the indices since May 15.
HDFC Bank was the top loser in the Sensex pack, falling 2.99 per cent, followed by Adani Ports at 2.87 per cent.
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 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 higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
The markets opened flat on the back of weak Asian cues. At 9:58 am, the Sensex was trading at 11933 up 15 points and the Nifty was trading at 3474 up 3 points.
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.
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
