The benchmark BSE Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,500 mark in early trade on Wednesday but ended over 100 points lower at 38,132.88. Earlier, it ended 424.50 points, or 1.12 per cent, higher in the previous session.
The broader Nifty also rose 53.45 points, or 0.47 per cent, to 11,536.70 in morning trade but slipped 38.20 points at 11,445.05
During the day, the benchmark indices witnessed sharp volatility after Prime Minister Narendra Modi tweeted that he will be addressing the nation, amid various speculations about the message.
However, the markets rose during Modi’s announcement that India had demonstrated anti-satellite missile capability by shooting down a live satellite.
"Indian markets have been the recipient of robust foreign flows this entire March on the back of increased likelihood of strong political stability and policy continuity post elections and the softer stance adopted by global central banks," said Devang Mehta, Head Equity Advisory, Centrum Wealth Management.
NTPC was the biggest loser in the Sensex pack, tumbling 2.25 per cent, followed by Tata Motors, Bharti Airtel, PowerGrid, HDFC, Reliance Industries, Hero MotoCorp and M&M that shed up to 1.85 per cent. Meanwhile, Yes Bank was the top gainer, spurting 5.62 per cent.
In the Asian region, Hong Kong's Hang Seng was up 0.49 per cent, Korea's Kospi was trading marginally higher, Shanghai Composite Index gained 0.55 per cent; while Japan's Nikkei fell 0.61 per cent.
On Wall Street, the US Dow Jones Industrial Average ended 0.55 per cent higher on Tuesday.
The rupee, meanwhile, depreciated 5 paise against its previous close to 68.91 against the US dollar in early session.
(With inputs from PTI)