The department believes dividend from CPSUs is a return on investment made by the government.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
The BSE Sensex gained 104.63 points to end at 33,147.13, while the broader Nifty spurted 48.45 points to finish at 10,343.80.
Sensex, Nifty have lost about 6%, against 0.5-5% decline in other key Asian indices.
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 laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
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 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
The Sensex opened on a flat note at 7,616, and touched a high of 7,640 in early deals.
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.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
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Net profit grew 25.4% in Q4 but revenue growth, lower at 8.5%, suggests lack of volume expansion.
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.
Both the indices ended at their highest levels since February 1.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
After moving in a wide range of 10,206 to 10,423, the Sensex finally settled with a smart gain of 88 points at 10,370.
Coal India was the biggest gainer on both Sensex and Nifty
The Naukri Job Speak Index for last month stood at 1,649, up 20 per cent compared to July 2013.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Investors booked profits in recent gainers
Oil and Natural Gas Corporation, Hindalco Industries, Tata Steel and Vedanta were down up to 70 per cent below their one-year highs.
Oil & Natural Gas Corporation Ltd has posted a net profit of Rs 25.93 billion (Rs 2,593 cr) for the quarter ended December 31,
The petroleum ministry said there was no proposal to merge IOC and ONGC though the divestment ministry had made such a suggestion.
The Sensex opened on a steady note at 7,747 as against the last close of 7,745.
The time is ripe for a merger of eight fund houses indirectly owned and controlled by the central government, says N Sundaresha Subramanian.
As the Sensex continued with its record-breaking show, over 750 stocks hit one-year high levels on the Bombay Stock Exchange on Friday.
Side indices raced ahead with BSE Midcap and BSE Smallcap advancing 0.4% and 0.3% up, respectively.
The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.
Govt depts, banks prone to information leakage.
Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
The number of women found in highest-paying industries is lacking.
Sectorwise, oil & gas and BFSI (banking, financial services and insurance) witnessed the maximum year-on-year growths of 27 per cent and 17 per cent in December 2014.
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