NSE Nifty also turned volatile and was down 24.45 points, or 0.21 per cent, at 11,667.45 after touching a high of 11,698.80.
Mumbai: Benchmark indices Sensex and Nifty gave up initial gains and turned negative after investors turned cautious ahead of August futures and options expiry on Thursday amid mixed cues from other Asian markets.
The rupee hitting a new record low of 70.82 against the dollar and surging global crude oil prices too dampened trading sentiments, brokers said.
The 30-share BSE index, after rising over 96 points at the outset on selective buying metal, power and IT stocks, turned choppy and was trading 54.08 points, or 0.14 per cent, lower at 38,668.85 at 0930 hrs.
The gauge had retreated from its lifetime high by falling 173.70 points in the previous session. It had scaled an all-time high (intra-day) of 38,989.65 yesterday.
The 50-share NSE Nifty also turned volatile and was down 24.45 points, or 0.21 per cent, at 11,667.45 after touching a high of 11,698.80.
Top losers include Axis Bank, Yes Bank, RIL, Kotak Bank, Maruti Suzuki, Asian Paint, ICICI Bank, IndusInd Bank, ONGC, SBI, Adani Ports and HDFC Bank, falling up to 1.16 per cent.
Major gainers were ITC, Bharti Airtel, Sun Pharma, PowerGrid, Tata Steel, NTPC, Coal India, Bajaj Auto and TCS, rising up to 1.30 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 1,114.36 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,415.87 crore on Wednesday, provisional data showed.
Elsewhere in Asia, Shanghai Composite Index shed 0.81 per cent, while Hong Kong's Hang Seng was down 0.76 per cent in their early deals. However, Japan's Nikkei rose 0.13 per cent.
The US Dow Jones Industrial Average ended 0.23 per cent higher on Wednesday.