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Indian benchmark stock indices, Sensex and the Nifty, closed lower on Wednesday. The indices failed to sustain the gains in late afternoon trade and slipped into negative territory.
The Sensex ended down 38 points or 0.14 per cent at 26,552.92 while the NSE Nifty shed 20.50 points or 0.25 per cent at 8,040.20.
The Sensex had gained 31.44 points in the previous choppy session.
Auto makers surged after Tata Motors reported strong October sales, but foreign sales capped broader gains.
Tata Motors gained 6 per cent, hitting its highest intra-day level since July 13, driven by strong Jaguar Land Rover sales in North America in October. M&M (+1.71%), Bajaj Auto (+1.41%), Coal India (+1.4%), Hero MotoCorp (+1.19%) and SBI (+0.95%) were among the prominent gainers.
US shares climbed for a fifth consecutive day on Tuesday, boosted by energy shares, pushing up Asian shares.
Foreign investors sold about Rs 450 crore ($68.73 million) worth of shares on Tuesday and have been net sellers, selling Indian shares in four out of the past seven sessions.
"Data from the US was supporting market in the opening session and the market had already entered into the oversold region yesterday," Alex Mathews, head of research at Geojit BNP Paribas, said.
Shares in DLF gained as much as 4.77 per cent in intra-day deals after the Supreme Court rejected the market regulator's plea to prevent DLF from selling stake in its rental arm. It finished the day at Rs 122.15, up Rs 2 or 1.66 per cent. The ruling came a day after India's biggest listed property developer posted a 21 per cent jump in quarterly profit on lower costs even as home sales are slow to pick up in a recovering economy.
Shares in Nestle India rose as much as 4 per cent during the day after the company said samples of its noodle snack Maggi have been cleared by three laboratories. The stock ended the day at Rs 6,247.15, up Rs 12.80 or 0.21 per cent.
European shares rose on Wednesday, although Germany's blue-chip index sharply underperformed after a scandal at carmaker Volkswagen widened.
Volkswagen fell 10 per cent after it said it had understated the fuel consumption of 800,000 cars sold in Europe. Majority stakeholder Porsche was down 9.5 percent after it warned that VW's latest findings could weigh further on its results.
Japanese and Chinese stocks led Asian markets higher, helped by economy-friendly comments from China's President Xi Jinping, while on Wall Street, a rise in big tech and energy firms helped the Nasdaq 100 to close at a record high.
The rally in the United States started in late European trade, and helped to tilt the FTSEurofirst 300 into positive territory on Tuesday. The index closed up 0.4 per cent at 1,494.21 points.
In a busy day for economic data, there were set to be final PMI readings in the euro zone and the United States, with a U.S. ADP national employment report also in focus.
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