The Sensex was down 22.21 points or 0.06% at 36351.23, while the Nifty is down 23.40 points or 0.21% at 10957.
Investors looked to cash out of most sectoral indices, with major cuts visible among metals, auto and FMCG names. Weakness among midcaps too weighed on the market. The Nifty Midcap index ended over 1 percent lower.
Financials, particularly PSU banks, as well as pharmaceuticals, metals as well as energy names found favour among investors
The Sensex is down 217.86 points or 0.60% at 36323.77, while the Nifty is down 82.00 points or 0.74% at 10936.90.
The index still held its previous day#39;s intraday low, which indicated that bulls have not given up yet and the market may resume its upward journey soon to hit earlier record highs, experts said.
The Sensex ended up 282.48 points or 0.78% at 36548.41, while the Nifty was up 74.90 points or 0.68% at 11023.20.
Even though Indian markets bucked the trend but benchmark indices closed near their respective intraday low levels as investors preferred to book profits at higher levels.
The SP BSE Sensex closed 304 points higher at 36,239.62 while the Nifty50 rose 94 points up at 10,947 on Tuesday.
Private sector lender IndusInd Bank and software services exporter TCS will begin June quarter earnings season on Tuesday.
All sectoral indices closed in the green with Metal, Pharma and Bank gaining a percent each.
The SP BSE Sensex closed 83 points higher or 0.23 percent at 35,657 while the Nifty50 ended 22.90 points higher at 10,772.65.
The broader market indices, BSE Midcap Smallcap, underperformed the benchmark.
HDFC Bank, HDFC and Reliance Industries lifted the market higher.
For today, the SP BSE Sensex rallied 114 points or 0.32 percent while the Nifty50 gained 42 points to close just a shade below its crucial level of 10,700 at 10,699.90.
Reliance Industries, Infosys, TCS, Maruti Suzuki, ITC, Bajaj Finserv, IOC, Kotak Mahindra Bank and Bajaj Finance, which gained 1-2 percent, were top contributors to the Nifty#39;s gains.
GE TD was trading with volumes of 1,073,050 shares, compared to its five day average of 6,771 shares, an increase of 15,748.67 percent while Varun Beverages was trading with volumes of 206,177 shares, compared to its five day average of 2,825 shares, an increase of 7,199.33 percent.
The breadth of the market favoured declines, with 469 stocks advancing, 1238 declining and 354 remaining unchanged. On BSE, 761 stocks advanced, 1737 declined and 141 remained unchanged.
According to sources to CNBC-TV18, the company and its Canadian arm, Novelis, is in process of raising debt for the said deal. Investors may have taken note of this point as the firm already has a consolidated net debt of Rs 40,000 crore.
Revenue of the company rose 3.5 percent at Rs 877 crore against Rs 847 crore.
The bankâs net interest income grew by 15 percent to Rs 2,583 crore in Q1 from Rs 2,245.5 crore in the year ago period.
Around 327 stocks have hit fresh 52-week low on the BSE including names like Cosmo Films, HT Media, Kitex Garments, Kirloskar Electric, Kwality, Manpasand Beverage, Global Offshore and INOX Wind among others.
Provision coverage ratio at the end of June quarter stood at 60.41 percent, which was improved from 57.99 percent in June 2017 and 57.57 in FY18.
The share closed down 14 percent at Rs 110.60 in the previous trading session.
Revenue was up by 1 percent to Rs 757 crore against to Rs 748 crore.
Revenue of the company was up 4.6 percent at Rs 825 crore versus Rs 788.9 crore.
The Cabinet relaxed some production sharing contracts of Pre-New Exploration Licensing Policy (Nelp) and Nelp blocks. Companies such as ONGC and Oil India have been given relief on sharing royalty and cess in pre-Nelp exploration blocks.
Jhunjhunwala Rakesh Radheshyam has sold 13,34,736 equity shares during the quarter, bringing the stake down to 86,65,264 from 1,00,00,000 earlier, as of June 2018.
250 stocks have hit fresh 52-week low including Aban Offshore, Raj Rayon, Nakoda, Madhya Pradesh Today Media, Cupid, Cosmo Films, HT Media, Kwality and Manpasand Beverage among others.
Revenue of the company was up 26 percent at Rs 2,439.52 crore against Rs 1,931.80 crore.
Management commentary on slower revenue growth for the second quarter could have also weighed on the stock.