Gains were led by index heavyweights Reliance Industries and Infosys.
The Sensex has slid 18.5 per cent from its January 2015 peak.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
The top gainers on the Sensex are Gail(India), HDFC, Infosys.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
On the sectoral front, rate-sensitive sectors such as Bankex and Auto gained by 1% and 0.7% respectively while BSE Consumer Durables gained 1.4%.
It is too early to say if we have seen the "final" bottom to these stocks in August 2013 or if another attempt to test them will be made before or just after elections, says Sonali Ranade.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
The S&P BSE Midcap and S&P BSE Smallcap indices hit a new lifetime high
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
Sensex,Nifty to remain under pressure through the week.
In India, however, the Nifty continues to climb a wall of worry as general elections loom, fiscal deficit surges and the current account deficit is barely under control following subdued gold and crude prices, says Sonali Ranade.
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.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
The broader markets ended mixed with mid-caps gaining 0.1 per cent and small-caps falling 0.1 per cent on the BSE.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
Investors will maintain a cautious stance.
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
The broader markets were firm with mid-caps and small-caps gaining 1-1.4 per cent on the BSE.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
Sensex remained volatile through the day.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Indian indices fell more than those of most other emerging markets.
The rupee fell to a two-year low of 64.84 against the US dollar.
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The broader markets traded positively with mid-caps and small-caps rising 0.5 per cent each on the BSE.
Analysts agree China, Greece and US Fed developments need careful monitoring but India should gain, over time, from relative rise of the dollar and fall in commodity prices.
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
The recovery was led by pharma majors led by Dr Reddy's Labs.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
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