The NSE 50-share Nifty also down 16.65 points or 0.17 percent to 9,647.25, after shuttling between 9,688.70 and 9,641.50. Some level of circumspection ahead of Wednesday's RBI policy review outcome resulted in profit-booking.
The BSE Sensex also on Wednesday closed nearly 81 points higher at 31,271.28, buoyed by the RBI's status quo on policy rates and a revised estimate of a good monsoon.
Also, market participants holding their bets ahead of the United Kingdom general elections and the European Central Bank (ECB) meeting added to the overall weak sentiment.
Among other Asian markets, Shanghai Composite Index rose 0.64 percent and Hong Kong's Hang Seng edged up 0.06 pr cent. Japan's Nikkei was down 0.32 percent. "Investors can continue to accumulate good stocks on every dip, as the underlying sentiments remain positive", Manglik added.
In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) purchased stocks worth Rs 73.79 crore, while domestic institutional investors (DIIs) bought scrips worth Rs 166.22 crore.
Overseas, most Asian stocks gained ahead of a number of news events with global implications. Among 51 stocks in Nifty, 21 stocks ended higher and 30 shares ended lower.
Major losers were Tata Motors 3.58%, NTPC 2.65%, ONGC 2.28%, ITC 2.05%, L&T 1.60%, Sun Pharma 1.53%, Reliance 1.17%, Bharti Airtel 1.07%, Power Grid 0.93%, Bajaj Auto 0.88%, M&M 0.83% and Hero Motoco 0.70%.
Sector-wise, the S&P BSE banking index rose by 193.07 points, the automobile index by 167.90 points, and the healthcare index by 148.51 points.
However, the BSE market breadth was slightly bullish - with 1,351 declines and 1,330 advances.