The Sensex is down 11.71 points or 0.03% at 34415.58, while the Nifty is down 1.30 points or 0.01% at 10564.00.
Oil retailers HPCL, BPCL and IOC were down between 4 percent and 7 percent after sharp rally in crude prices but state-owned oil exploration companies ONGC rose 1 percent and Oil India climbed 3 percent.
Fortis Healthcare, Mishra Dhatu, Mindtree, HDFC Standard Life, Phoenix Mills, Aban Offshore, Godrej Industries, Godrej Consumer Products, Dabur and Kaya gained up to 7 percent.
The Nifty Midcap index also closed in the red. About three shares declined for every two shares rising on the NSE.
Kamat Hotels, Jet Airways, Andhra Bank, Bank of Baroda, Jaypee Infratech, Bhushan Steel, OBC, Balrampur Chini, Alok Industries fell up to 5 percent.
Jewellery stocks Goenka Diamond, PC Jeweller, Titan Company, Renaissance Jewellery, Tara Jewels and TBZ gained up to 9 percent ahead of Akshaya Tritiya tomorrow.
Benchmark indices were in the green in pre-opening trade, following positive lead from global peers.
HDFC twins, FMCG, pharma and select auto stocks supported the market, but the weakness Infosys and Tata Motors capped gains.
Infosys was down 4 percent after lowering of full year EBIT margin guidance.
Oil retailers were under pressure amid higher crude oil prices. IOC, BPCL and HPCL gained 1-3 percent.
Investors await Infosys Q4 earnings due later in the day.
Metals, PSU banks, realty and pharma stocks were under pressure while IT stocks outperformed throughout the session.
Nifty PSU Bank was the biggest loser among sectoral indices, falling 2 percent while IT and Metal indices gained 1.5 percent each.
Technology, metals and oil exploration companies#39; share prices supported the market whereas oil retailers and banks were under pressure.
Axis Bank was the biggest gainer among Nifty50 stocks, rising 5.2 percent after the board of directors accepted the request from Shikha Sharma MD CEO to reconsider her appointment to be revised from June 1, 2018 upto Dec 31, 2018.
The market breadth was in favour of the declines with 681 stocks advancing while 1029 declined and 339 remained unchanged. On the other hand, in the BSE, 1002 stocks advanced and 1473 declined and 137 remained unchanged.
The market breadth was in favour of the declines with 649 stocks advancing while 1025 declined and 374 remained unchanged. On the other hand, in the BSE, 961 stocks advanced and 1403 declined and 113 remained unchanged.
The Nifty IT index rallied as much as 3.9 percent after the rupee weakened by 29 paise intraday to breach the 66-level and hit its 13-month low of 66.08 against the US dollar due to appreciation of the US currency overseas.
Most brokerage houses maintained their ratings as the stock already rallied more than 45 percent in last one year, but raised target price on the stock after earnings.
The market breadth was in favour of the advances with 570 stocks advancing while 1004 declined and 457 remained unchanged. On the other hand, in the BSE, 751 stocks advanced and 988 declined and 77 remained unchanged.
For the full year, net profit was up 16.1 percent to Rs 429.6 crore, while revenue was higher by 8.6 percent to Rs 3,917.5 crore as compared to the previous fiscal.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation fell up to 7 percent intraday after crude oil prices rallied more than 3 percent on decline in US crude inventories.
Its current order book stood at an all-time high of 1,605 KMTs valued at Rs 10,240 crore.
The market breadth was in favour of the advances with 945 stocks advancing while 753 declined and 346 remained unchanged. On the other hand, in the BSE, 1304 stocks advanced and 1240 declined and 154 remained unchanged.
Board of directors have decided upon the partial closure of Trident Udaipur for renovation of some ofthe rooms, from May 1 to October 31, 2018.
The bank saw its gross non-performing assets, as a percentage of total loans, increase by 24 basis points over the period to 1.17 percent. Its net NPA ratio came in at 0.51 percent, 12 bps higher than at the end of March last year.
The Nifty Metal index was up over 4 percent, while stocks such as Hindustan Copper, National Aluminium, Hindalco, Vedanta, JSW Steel and Jindal Steel, among others, gained 2-12 percent.
The board of directors approved one-time settlement of dues to State Bank of India for Rs 60.34 crore.
With this order, Vascon Engineers has received a total of over Rs 600 crore of new third party EPC orders in the last 9 months.
36 stocks hit fresh 52-week high including Godrej Consumer, Mindtree, Godrej Consumer, Hindustan Unilever, JSW Steel, MM Financial Services, VIP Industries and Pidilite Industries among others.