Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
Indian markets ended on a lower note after the stimulus announced by the European Central Bank (ECB) failed to meet expectation.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
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.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
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.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
Yes Bank was the top gainer in the Sensex pack, surging 3.76 per cent, followed by SBI at 3.18 per cent.
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 29,008 and 8,767 respectively.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 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.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The NSE Nifty, which dipped below the key 10,800-mark to touch a low of 10,755.40, bounced back on late buying to close at 10,817.70, up 9.65 points, or 0.09 per cent.
Banking and real estate stocks rise up to 5% on further rate-cut hope.
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
Tata Steel was the day's worst performer in the Sensex pack, plunging 3.25 per cent, followed by Bharti Airtel at 3.05 per cent.
The broader NSE Nifty too reclaimed the key 11,500-mark. It touched a high of 11,562.25, before finally settling at 11,536.90, showing a gain of 59.95 points, or 0.52 per cent.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
Housing sector to benefit from Budget.
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
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.
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
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.
For the seven months since February 2014, the benchmark index surged nearly 27%.
Sensex witnessed the biggest single day gain since May 2009 in absolute terms.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
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