Sensex lost 76 points to end at 25,589 while Nifty shed 23 points to end at 7,649.
Inflation in India probably edged up in October as food prices climbed while weak demand is expected to have hurt factory output growth.
Broader market outperformed the frontline indices and also hit their respective all-time highs
At the close, the 50-share NSE Nifty was at 8,611.15, up 19.90 points, or 0.23 per cent, after moving between 8,637.15 and 8,555.20.
BSE Smallcap index outperformed the frontline indices to rise 0.6%, while the BSE Midcap was flat
ITC, Sun Pharma, Cipla and Tata Steel were top gainers on BSE Sensex
The country must get its act on global alliances right in order to feed its fuel-hungry economy, points out Subhomoy Bhattacharjee.
Covering-up of short positions ahead of Thursday's expiry of August series in the derivatives segment gave equities a slight push
Next set of Q4 FY16 earnings, progress of monsoon along with election poll outcome will dictate market trend this week
The market breadth, indicating the overall health of the market turned negative from positive
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
It is the rupee's biggest single-day gain this year.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
Hoard cash. There will be plenty of time and opportunity at far lower levels, warns Sonali Ranade in her weekly Market Notes
The NSE Nifty went past the 8,600-mark for the first time since November 1.
The primary market showed some signs of life in a busy day.
Workers had stopped production lines to protest a delay in salary hikes after 10 months of negotiations.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
Sun Pharma dipped 2% to Rs 615 on the BSE, its lowest level since November 9, 2016
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.
Markets extended gains for the fourth consecutive day tracking gains in banks, capital goods and oil and gas majors.
The 50-share NSE Nifty slipped below the 8,200-mark to touch a low of 8,154.45, but settled at 8,170.80, down 90.95 points, or 1.10 per cent
The index went below the crucial 50 mark.
Time to take profits and move to the sidelines in an euphoria, says Sonali Ranade
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
The broader NSE index has fallen about 0.9% as investors wait for corporate results
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
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 sentiment-driven rally also got support from stock specific earning results and Finance Minister Arun Jaitley's statement that the Centre will step up reforms to attract more investment and fill up infrastructure deficit.
Sensex lost 184 points to trade at 23,878 and the Nifty has dropped 55 points to quote at 7,254.
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 50-share NSE Nifty settled lower by 76.05 points, or 0.88 per cent, at 8,615.25
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
The broader Nifty also succumbed to the pressure before recovering to close lower by 6.35 points, or 0.07 per cent at 8,693.05
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
Investors are keenly awaiting the announcement of the macroeconomic data-IIP and CPI due on Tuesday.