The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
ONGC was the top performer while private banking major ICICI Bank extended gains
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
Oil tanked to a 7-year low as OPEC decided to maintain production.
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Markets ended flat on Tuesday, amid a volatile trading session, as investors exercised caution ahead of the two-day FOMC meet starting today and Reserve Bank of India's monetary policy later this week.
Since 2005, in 8 out of 10 years (except in CY11 and CY14) the benchmark indices have given positive returns in December.
The Sensex has hit its lowest level since August 29, 2016 whereas the Nifty hit its lowest level since Sep 12, 2016
Investors widened their bets on optimism that upcoming general budget -- to be unveiled next month - would contain incentives for corporates, which will help boost the economy
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
RIL, ICICI Bank, Tata Motors and ONGC alone contributed to a 100 point cut seen on Sensex.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
The 30-share Sensex ended in the red.
The 30 share Sensex ended up 183 points at 27,470 and the 50-share Nifty gained 44 points to close at 8,295.
The dollar's preliminary moves after the low 80.90 are supportive of a like dollar rally back to 85.50. We should see confirmation of that in the early part of next week, says Sonali Ranade
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
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