Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
Stocks and sectors impacted most by GST.
Most Asian stock markets steadied on Wednesday.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
Automobile sector accounts for the third-highest equity mutual fund contributions.
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.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
Maruti Suzuki India said its domestic sales rose 10.6 per cent in May.
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.
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
Ford India and Renault too reported good sales growth in April
The Sensex and the Nifty had touched a low of 27,921 and 8,349 respectively.
The BSE Mid-and Small-cap indices outperformed their larger peers rising 72 per cent and 52 per cent, respectively, during Samvat 2070.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
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The S&P BSE Sensex surged 364 points to end at 24,607 and the Nifty50 soared 107 points to close at 7,476.
Financials were the top losers after sharp gains in the previous session along with ITC
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
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In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
Tracking gains in bluechip stocks, investors were also seen building up position in broader markets, lifting the small-cap and mid-cap indices by 0.83 and 0.15 per cent
India's GDP for the three-month period ended September 30 grew 7.4%.
The 30-share Sensex ended up 33 points at 27,241.78 and the 50-share Nifty ended up 27 points at 8,200.70.
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The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
Sun Pharma emerged as the star performer and closed 4.03 per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to Rs 592.60.
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The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50% or about Rs 47 lakh crore of total investor wealth.
The Sensex ended up 48 points at 28,386 and the Nifty gained 13 points to close at 8,476.
In the broader markets, the mid and smallcap indices were up 0.3% each, underperforming the BSE benchmark index which gained 0.5%.
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S&P BSE Midcap shed 0.8% while S&P BSE Smallcap tumbled 0.6%
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
'The market position from here on is expected to go up'.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
Month-end dollar demand from importers resulted in the rupee touching a new all-time low on Wednesday against the dollar.
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
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