The Sensex closed with a loss of 63 points at 9,311.
The Nifty closed at 2,833, down 17 points.
Reliance swung in a range of Rs 886 to Rs 864, before closing with a loss of 1.4% at Rs 873.
Reliance Energy surged 2.7% to Rs 610.
Infosys slipped 2.3% to Rs 2,780, and TCS declined 2.6% to Rs 1,608. While Wipro closed flat at Rs 460, Satyam shed 1.6% at Rs 727.
ITC dropped 1% to close at Rs 144. HLL, however, was unchanged at Rs 186.
ACC spurted 2.6% to Rs 551, and Gujarat Ambuja was up 0.6% at Rs 89. Grasim, however, shed 1.5% at Rs 1,426.
Larsen & Toubro moved up 2.2% to Rs 1,844. Ranbxy gained 1.7% at Rs 391, BHEL added 1% to Rs 1,477.
ICICI Bank declined nearly 2% to Rs 573. HDFC was down 1% at Rs 1,170.
Tata Steel tumbled nearly 3% to Rs 356. NTPC dropped 1.6% to Rs 114.