The Sensex and the Nifty ended the day little changed though Banking stocks gained, even as global markets staged some recovery in trade.
The Sensex closed the day higher by 40 points, while the Nifty closed with gains of 34 points, while the Nifty gained 14 points in trade.
Leading the set of gainers from the Nifty were the badly battered oil and gas stocks. ONGC gained more than two per cent, while Cairn India finally saw some recovery in its share price and ended higher by one per cent. Gail, however, ended the day almost two per cent lower.
Select buying was also seen in pharma stocks with Dr Reddy's and Cipla among the gainers. Shares in Jet Airways touched their highest level in since July 2013 on falling crude prices.
Shares in Gitanjali Gems were up more than eight per cent as investors bought heavily into jewellery stocks. Other Jewellery stocks like P C Jewellers also saw buying interest.
Mid cap stocks saw some traction in trade with notable winners being Bharat Forge and Crompton Greaves.
Tata Power gained ground after the company said it shared purchase agreement for acquisition of 540 MW coal based thermal power project in Maharashtra.
Meanwhile, markets in Europe saw some recovery while most of Asia ended the day mixed. The Shanghai Composite ended sharply higher after having fallen on Tuesday.