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The financial sector also stood out among the 11 primary S&P sectors around market close, extending the biggest gains of over 2 per cent in the tally, in which all the 11 sectors turned green.
On a weekly basis, the BSE index dropped 737.53 points, or over 2 per cent; while NSE Nifty fell 219.20 points or 2 per cent.
Dr Reddy Labs tumbled 5.9 per cent and was trading at Rs 2,510.30, JSW Steel down 3.6 per cent at Rs 270.60, Sun Pharma down 3.4 per cent at Rs 425.90 and Tata Motors down 2.8 per cent at Rs 155.30.
After dropping over 100 points in early trade, the 30-share index turned rangebound, and was trading 21.49 points, or 0.06 per cent, lower at 35,635.21.
The government on February 1, would unveil the interim Budget for 2019-20. Investors are also likely to take cues from foreign fund flow.
The 30-share BSE index jumped 228.12 points, or 0.63 per cent, to 36,614.73 in early trade.
Market sentiment also turned cautious ahead of the release of key macroeconomic data. The 30-share index fell 174.61 points, or 0.48 per cent, to 35,835.23 in early trade.
After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices.
The biggest losers in the Sensex pack were Vedanta, M&M, ONGC, Tata Steel, L&T, HDFC, NTPC and Axis Bank, falling up to 3.04 per cent.
Market turned volatile ahead of corporate earnings scheduled to begin next week, traders said, adding that heavy selling by foreign as well as domestic investors also weighed on local equities.
After reporting a dismal show in December, shares of automobile companies reeled under selling pressure on Wednesday.
Strengthening rupee also supported the upward move in the domestic stock market, dealers said.
Stocks posted their best day in nearly a decade on Wednesday, with the all three major indexes registering an increase of more than four per cent.
About USD 5.6 trillion of equity value has been obliterated in the region this year as the global carnage shows no let-up and investors are bracing for volatile days ahead.
The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51 per cent, higher at 35,649.94. It fell to a low of 35,010.82 during afternoon trade.