Leading the set of gainers from the Nifty were ONGC, Reliance, Sun Pharma, Hindustan Unilever and ITC.
Nifty stocks that lost ground in trade were from the software pack including the likes of Tech Mahindra and HCL Tech. Other Nifty stocks that declined were Lupin, Hero Motor Corp and Mahindra and Mahindra.
Railway stocks which had slumped on Tuesday following the Railway Budget continued to grind lower with Kalindee Rail, Texmaco Rail and Titagorh Wagons all falling.
Mid cap stocks continued to see selling pressure for a second day in a row with notable losers being Bharat Forge, Voltas, CESC and Crompton Greaves.
Shares in MCX Commodity Exchange were trading higher after reports that billionaire investor Rakesh Jhunjhunwala has bought a stake in the company.
PSU banking stocks which were badly battered in trade on Tuesday were trading flat. Syndicate Bank, Union Bank of India and Canara Bank were marginally lower, while IDBI Bank gained ground. Other private sector banks were trading little changed over Tuesday's rates.
Meanwhile, most of Asia was trading with losses following weak overseas closings in the US. The Shanghai Composite, the Honk Kong's Hang Sang and the Japanese Nikkei were lower.