Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
The S&P BSE Sensex ended the session at 25,342, up 3 points while the Nifty50 closed at 7,738 points.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
Rise in crude oil price and rally in global equities aided the sentiment
Financials were among the top losers along with Sun Pharma and index heavyweight Reliance Industries
Metals bucked the trend and shone across the board.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Asian shares ended higher after a string of positive US economic data.
The rally in index heavyweight ITC has boosted the sentiment across the board.
The Survey shows fiscal consolidation despite slowdown in growth.
Mixed global cues and decline in crude oil prices further dent the sentiments.
The S&P BSE Sensex ended 80 points up at 23,789 while the Nifty50 closed at 7,235, up 24 points.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
The local markets are expected to react to global triggers until the government announces the Union Budget.
Markets ended higher for the second straight session mainly on the back of upbeat corporate earnings.
The S&P BSE Sensex gained 115 points to end at 24,338 and the Nifty50 climbed 42 points to close at 7,404.
The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
The S&P BSE Sensex ended 46 points lower at 24,824 and Nifty50 settled at 7,555, down by 8 points after hitting intra-day high of 7,600.45.