The 50-share index swung widely between a high of 5,039.30 and a low of 4,950.30 before settling at 4,965.70, a modest fall of 9.10 points, or 0.18 per cent, over its last close.
Earlier, market started on a positive note, showing a modest pull-back after two consecutive session fall on hectic lower level buying in beaten down sectors, mainly in banking, auto, oil&energy and metal counters.
Moreover, the sentiment was also boosted by the policy measures taken by the RBI to tame sliding rupee.
However, the market slipped into volatility in late afternoon trade following weak European opening, which continued to struggle on worries over political turmoil. The market remained choppy as cautious investors preferred to take profit.
Metal, auto, pharma and infra related stocks witnessed selling.
Maruti, Jindal Steel, Ranbaxy, PNB, Asian Paints, SBIN, PowerGrid, Coal India, HeroMotoco and Sterlite Industries were the top percent-wise losers from the Nifty.
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However, Cairn, IDFC, BPCL, Axis Bank, DLF, Kotak Bank, BHEL, HDFC Bank, Dr Reddys and Reliance Infra managed to end in green.
Turnover in cash segment dropped to Rs 9,693.13 crore from Rs 11,013.89 crore yesterday. In all, 6,404.66 lakh shares changed hands in 53,87,002 trades. Market capitalisation stood at Rs 57,59,314 crore.