Among the top gainers from the S&P CNX Nifty shares were ACC, Cipla, Ambuja Cements and Axis Bank.

Shares of Maruti ended the day lower after the company completed settlement with Gurgaon workers, which would likely add to costs for the company.

IFCI dropped more than 5%, after the Securities and Exchange Board of India approved the government's stake hike in the company.

Small cap stock Pennar Industries jumped after the company received order worth Rs 70 crore from Texmaco, L&T and Mahindra EPC.

Among the top losers from the Nifty stocks were Bharti Airtel, IDFC, Coal India and Hindalco.

PSU banking shares which were in the limelight ever since the announcement of reform measures ended the day mixed with IDBI Bank, Indian Overseas Bank and Bank of Baroda ending lower, while Syndicate Bank and Canara Bank were amongst the gainers.

Markets are expected to continue to remain volatile on fears in Europe and worries over the fiscal cliff in the US.

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