The Sensex and Nifty ended marginally lower as investors remained on the sidelines ahead of the expiry of November derivatives and second quarter GDP data.
Sentiment was also dampened after North Korea test fired an intercontinental ballistic missile, ratcheting up tensions with the US.
Among BSE sectoral indices, realty index was up 0.7 per cent, followed by consumer durables 0.59 per cent, capital goods 0.27 per cent and healthcare 0.21 per cent. On the other hand, metal index fell 0.55 per cent, banking 0.36 per cent, PSU 0.31 per cent and power 0.25 per cent.
Top five Sensex gainers were Wipro (+1.33%), Adani Ports (+1.16%), Sun Pharma (+0.77%), HUL (+0.75%) and Tata Steel (+0.72%), while the major losers were Axis Bank (-2.32%), HDFC (-1.31%), Asian Paints (-1.18%), State Bank of India (-1.16%) and TCS (-0.98%).
Axis Bank Ltd led the losses on both indexes, falling as much as 2.8 per cent on the NSE in its biggest intraday percentage loss since October 18.
GDP growth
India's gross domestic product (GDP) is likely to have grown 6.4 per cent from a year ago in July-September, from 5.7 per cent in the preceding quarter, according to a Reuters poll of analysts. The data is due on Thursday after market hours.
The data could help support a market that has surged around 27 per cent so far this year, though gains have slowed since indexes hit a record high in early November over global concerns such as higher oil prices.
But broader gains on Wednesday were capped as caution over the latest missile test by North Korea and softness in Chinese shares hit Asian markets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.08 per cent.
The second half of the year could be very positive compared with the first half due to a revival in growth, base effect and as teething troubles related to GST ease, said Siddharth Sedani, Head and Vice-President of equity advisory at Anand Rathi.
Asian shares
The dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on US tax cuts, while Bitcoin topped $10,000 on more exchanges as appetite for digital currencies showed no sign of fading.
Asian share markets were not as jubilant, held back by caution over the latest missile test by North Korea and concerns at recent softness in Chinese shares.
MSCI's broadest index of Asia-Pacific shares outside Japan was up just a fraction, while China's blue chip index eased 0.5 per cent. Among the better performers, Japan's Nikkei added 0.4 per cent, while Australia's main index rose 0.7 per cent.
Fed chair nominee Jerome Powell, in his Senate confirmation hearing on Tuesday, said the case for a December rate hike was coming together, though he dodged comment on the tax proposals.
Powell also hinted at a lighter touch for bank regulation, saying current rules were already tough enough.
The S&P financial sector soared 2.6 per cent in reaction, its biggest daily gain since March 1. That helped the Dow climb 1.09 per cent, while the S&P 500 rose 0.99 per cent and the Nasdaq 0.49 per cent.
(With inputs from Agencies)