Crude oil has fallen about 40 per cent since mid June and the price on Monday touched its lowest level since mid 2009 before US oil prices posted their biggest one-day gain in two years overnight.
Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
India's software and engineering exports may take a hit and the country may also face larger capital outflows.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
'But the world would be much poorer without economics' contribution to understanding how societies function and without economists' suggestions as to how politicians might improve them. 'And economists themselves could do wonders by simply incorporating the country-specific factors in their econometric models rather than just applying them in toto," say Soumya Kanti Ghosh and Samir K Jha.
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.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
Consumer food price inflation eased to 6.14%.
Both the indices ended at their highest levels since February 1.
Economy to grow 6.5% in 2016 on better macro conditions, says Mckinsey.
Year-to-date, the rupee is the worst-performing currency in Asia, weakening 4.184 per cent against the US dollar.
Domestic equity markets opened with losses which capped the rupee gains.
It was the second straight week of gains for the benchmarks.
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.
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.
Progress of monsoon, investment trend by foreign investors and the movement of rupee against the dollar will also influence sentiment
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.
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
In worldwide trade, the American dollar traded with solid strength against all major emerging currencies
The broader NSE Nifty gained 22 points to 10,480.60
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
Adequate dollar supply gave a boost to the local currency
Sun Pharma was the best gainer among Sensex components, surging 6.91 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.
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
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.
SBI's Bhattacharya is ranked second on the list, while ICICI's Kochhar is 5th and Axis's Sharma is 19th in the Fortune list
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Some analysts believe that markets are expected to remain unclear and would have to wait until tomorrow's US non-farm payrolls data.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
Silvio Berlusconi has approved a deal to sell 48 percent of soccer club AC Milan to a group led by Thai businessman Bee Taechaubol, a historic change for the team which the former Italian prime minister has owned since the 1980s.
South and South-West Asia could witness an economic growth of 5.3 per cent in 2015, which will be a four-year high.
Centre and state governments are steadily increasing excise duties and value-added tax
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.
This surpassed its previous record close of 29,974.24, reached on April 5.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Former Italian Prime Minister Silvio Berlusconi said on Saturday more time is needed to seal an accord over a sale of a stake in AC Milan with Thai businessman Bee Taechaubol but said he could retain control of the soccer club.
Indian indices have hit all-time highs in the New Year and the sentiment remains strong. All valuations are also at extremely high levels, cautions Devangshu Datta
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