Benchmark indices ended the day flat and traded in a narrow range for most of the day, even as European markets recovered and Asia ended the day with gains.
The Sensex closed the day at 25,305 points, with gains of 75 points, while the Nifty ended the day higher by 17 points.
Select heavyweights like ITC, Reliance and ICICI Bank were responsible for gains in the Sensex.
Stocks that lost ground from the Sensex and the Nifty were Bajaj Auto, Sun Pharma and Hindalco.
ONGC too lost ground after a drop in crude prices. Shares in VRL Logistics fell 20 per cent, after reports that the company's owners were likely to make a foray into the airline business.
The stock also plunged on the back of poor results. Shares in Jubilant Foodworks, which runs the popular Dominos Pizza chains fell, after reports claimed that there were high levels of toxic chemicals in products tested from the outlets.
Monsanto India shares rallied 5 per cent after the government withdrew its notification that mandated the capping of royalty for new genetically modified traits.
Midcap stocks came in for some severe selling pressure with the index losing 1 per cent in trade. Just Dial and Dish TV were the biggest losers, falling as much as 6 per cent each.
Meanwhile, markets across Europe were trading 1 per cent higher.