However, smart rise in IT, FMCG and pharma stocks attracted good buying support and helped the key index to end in the positive terrain.
The 50-issue Nifty resumed better and improved further to hit a 23-week high at 5,448.60 in intra-day trade on strong Asian cues amid firm European opening.
It later turned weak due to fall in European stocks after manufacturing data from the eurozone showed the region contracted for the seventh month in a row, and fell to settle at 5,415.35, a minor gain of 2.50 points, or 0.05 per cent.
Kishor P Ostwal, CMD, CNI Research Ltd, said, "Market was volatile due to settlement consideration. Tomorrow Nifty may correct further till 5380 and 5330 as there was huge call selling of 5,400 series and put buying of the same series."
Top five gainers from the Nifty were Cairn India (3.07 pct), Ranbaxy Lab (2.74 pct), TCS (2.46 pct), Wipro (2.43 pct) and Infosys (1.79 pct). Among losers, M&M declined by 1.90 per cent followed by RInfra (1.77 pct), L&T (1.72 pct), RIL (1.65 pct) and ONGC (1.57 pct).
The turnover in cash segment rose to Rs 10,109.71 crore from Rs 8,898.96 crore yesterday. Overall, 5,917.76 lakh shares changed hands in 52,77,547 trades. Total market capitalisation stood at Rs 61,05,419 crore.