After opening lower, the BSE sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks.
The BSE market breadth was tilted in favour of the bears - with 1,660 declines and 1,022 advances.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,270.11 points, provisionally closed at 28,155.56 points (at 3.30 p.m.) - down 183.75 points, or 0.65 per cent, from the previous close at 28,339.31 points.
"Markets ended with marginal gains on Monday after witnessing a volatile session", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.
Jay Thakkar, senior technical analyst at Sharekhan, told NDTV the Nifty has strong support at 8,700 and he would remain long on the market as long as that level holds. European markets also gained, with key indices in France, Germany and the United Kingdom rising up to 0.65%.
The broad market depicted weakness.
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The US Dow Jones Industrial Average closed at fresh record high by climbing 0.7 percent in yesterday's trade.
Keeping aside positive global equity markets, domestic bourses closed Wednesday's trading session in the negative zone.
"All eyes are now on CPI inflation numbers that are expected later in the evening".
Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges.
Some of the key stocks that gained o Tuesday were GAIL, Bharti Airtel, Reliance Industries, ONGC, ICICI Bank, Idea Cellular and Eicher Motors while top losers included Tata Motors, Hero Motocorp, HUL, Maruti Suzuki, Bajaj Auto, Tata Motors DVR, BPCL and Zee Entertainment.