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The broader markets outperformed benchmark indices, rising nearly 2% on Wednesday as investors turned their focus on fundamentally sound mid-cap and small-cap stocks as valuations in large-cap stocks seem stretched after benchmark indices ended at record closing highs yesterday.
The 30-share Sensex ended down 53 points or 0.2% at 24,806 and the 50-share Nifty ended down 14 points or 0.2% at 7,402.
The BSE Mid-cap index ended up 1.8% and Small-cap index ended up 1.9%.
The rupee has rebounded from its early lows and is trading higher at 59.33 versus its previous close of 59.38. Traders adopted a wait-and-watch stance on trends of foreign fund inflows in the domestic stock market.
Asian markets ended lower with the exception of Nikkei, which touched 2-month closing highs on Tuesday as investors remained cautious ahead of the ECB meet on Thursday. Japan's Nikkei stock average ended up 0.2% at 15,068. Shanghai ended down 0.7%, Hang Seng lost 0.6% and Straits Times ended down 0.5%.
European markets were also trading lower ahead of the European Central Bank's meet tomorrrow. CAC, DAX and FTSE were down 0.3-0.5% each.
Among the rate sensitive sectors, Realty Index was the top gainer up 1.6% followed by Capital Goods and Metal indices. IT, Oil and Gas indices were the top losers down 1.3% each.
L&T extended gains and was up 1.2% on the back of robust fourth quarter earnings.
In the banking pack, SBI was up 1.5% and ICICI Bank ended up 0.8% and Axis Bank gained 1.3%.
Auto shares firmed up despite mixed May sales numbers. Hero MotoCorp was up 3.6%, emerging as the top Sensex gainer, followed by Bajaj Auto, M&M and Maruti Suzuki.
IT shares witnessed profit taking after the rupee firmed up against the dollar. Infosys ended down 0.7% and TCS lost 1.9%.
In the oil and gas segment, Reliance Industries ended down 1.5% after the company late Tuesday said a minor fire broke out at its poly butadiene rubber plant in Vadodara.
Among other shares, Biocon raced ahead on the bourses after the company's subsidiary Syngene International announced a five-year extension of its drug discovery and development collaboration with Bristol-Myers Squibb. The stock ended up 2% at Rs 453.
National Fertilizers Limited (NFL) zoomed 9.9% to end at Rs 44.90 on the BSE after posting a decline in net loss for the quarter ended March 31. The company posted a net loss of Rs 9.8 crore in the quarter ended March 2014 as against Rs 107.04 crore in the year-ago period.
Wockhardt lost 3.7% to end at Rs 573 on reports that the US FOod and Drug Administration discovered that the quality control measures at its US plant are not followed as per the prescribed guidelines.
Trent ended nearly 1% up at Rs 1,051 after the company said that UK-based Tesco has completed purchase of part of the equity shares held by Trent in its wholly-owned subsidiary Trent Hypermarkets Ltd.
Maruti Suzuki rose 1.3% to end Rs 2373 on the BSE after recording a hike in total production. The total production for May 2014 stood at 121,746 units as compared to 101,360 units for May 2013, representing a jump of 20%.
Sequent Scientific extended gains and ended up 10% at Rs 305 after several foreign institutional investors acquired over 1.2 million shares in the pharmaceutical and speciality chemicals firm.
Tata Steel and Steel Authority of India extended their gains after receiving clearance from the Odisha government on renewal of mining leases. Tata Steel gained 2% at Rs 537 and SAIL ended up 5% at 100.
The market breadth was positive, with 2,125 gainers and 922 losers on the BSE.
