Benchmark indices ended the day flat after witnessing sharp cuts in the last one hour of trade on heavy profit booking.
Shares in Reliance Industries rallied after Morgan Stanley upgraded the stock to "overweight" from "underweight" citing better prospects in the telecom space and confidence over upstream investments.
Larsen and Toubro which rallied sharply after reports that the company had won orders in defence, gave-up gains to end lower. The stock has been up for the last few days.
BPCL was the top Nifty gainer in trade after crude continued to drift lower. Software stocks exhibited a sudden weakness in trade with Infosys and TCS among the losers. Infosys is likely to kick-off the earnings season next month and analysts are not too sure what to expect.
Private sector banking stocks ended the day subdued in trade. Meanwhile, markets across Asia ended the day with gains after strong cues from the US markets.
European markets were also trading marginally lower led by losses in the German DAX and the French CAC.