Investors will maintain a cautious stance.
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The broader markets traded positively with mid-caps and small-caps rising 0.5 per cent each on the BSE.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
Sensex remained volatile through the day.
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Indian indices fell more than those of most other emerging markets.
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 rupee fell to a two-year low of 64.84 against the US dollar.
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.
The recovery was led by pharma majors led by Dr Reddy's Labs.
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 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.
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 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.
Sesnsex ended the day flat on heavy selling pressure.
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.
Markets closed in the red on domestic worries.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
Custodian banks are selling dollars for their foreign fund clients.
Index heavyweights Reliance Industries and ITC were the top losers along with ICICI Bank and SBI
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
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.
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.
With a rise of around 30 per cent in the benchmark index S&P BSE Sensex, 2014 has been the best year for Indian equity markets since 2009, when the benchmark index surged 81 per cent.
The 30-share Sensex ended up 8 points at 27,508 and the 50-share Nifty closed 1 point higher at 8,284.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
IIP for November 2015 and CPI for December 2015 will be announced today.
Oil & gas, banking and pharma sector stocks stole the show
Investors indulged in buying beaten down blue chips at lower and attractive levels.
Participants will watch out for the Brexit poll outcome in the late morning trades tomorrow.
Markets shrugged off RBI's neutral stance on key policy rates.
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
Nifty September F&O series ended lower after seven consecutive positive series with Metal Index falling the most
Investors booked profit ahead of the outcome of the two-day US Fed policy meet which begins today.
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
