The Sensex ended the day higher by 69 points, while the Nifty closed the day with a gain of 10 points.
Among the top losers in trade were the banking stocks led by losses in Bank of Baroda, IndusInd Bank, Axis Bank and ICICI Bank.
PSU Banking stocks which have also seen a sharp rally in the last few trading sessions slipped with notable losers from the space being Oriental Bank, which dropped 4%, Canara Bank which fell 2.22% and Bank of Baroda which fell almost 4%. Yes Bank bucked the trend and ended the day higher.
Among the other losers from the Nifty were Sun Pharma, ONGC, NTPC, IDFC and Power Grid Corporation. IT stocks were in the limelight today after the rupee fell against the dollar. Notable gainers from the space were Wipro and HCL Tech.
Ranbaxy Labs which shed as much as 30% in trade on Monday gained 4% on short covering and buying at lower levels.
Other Nifty gainers in trade were Ultratech Cement, Sesa Goa, Jaiprakash Associates and Jindal Steel. FMCG stocks also saw some buying interest with ITC and Hindustan Unilever among the gainers.
Meanwhile, Asian markets were quiet in trade and ended flat with a slight negative bias ahead of the Fed's FOMC meet. The Shanghai Composite ended the day with losses of almost 2%, while the Japanese Nikkei and the Singapore's Strait Times ended with marginal losses.