Stock markets ignored Standard & Poor's (S&P) downgrade of the local currency rating and outlook.
The benchmark BSE Sensex dropped 0.52 per cent, or 17.35 points, to close at 3,302.32 points today. The volume of trade was pegged at 45.7 million shares compared with Tuesday's 43.7 million.
However, shares of companies whose outlook was downgraded by S&P to negative from stable moved downward.
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Reliance Industries fell 1.13 per cent to Rs 325, Larsen & Toubro slipped 1.34 per cent to Rs 213 and Tata Power declined 1.54 per cent to Rs 131.
Technology stocks including Satyam Computer (up 1.97 per cent to Rs 155.35) and NIIT (up 2.61 per cent to Rs 179.10) gained on renewed buying, ignoring Tuesday's weakness in the tech-heavy Nasdaq.
Media major Zee Telefilms (up 1.25 per cent to Rs 93.15) recovered from the lower levels on bargain hunting after a recent fall.