The depreciating rupee also affected momentum.
Overall forex market has been hampered on the heels of the boiling global crude prices - its highest advances since 2014 is squeezing the carry-trade returns on the rupee to a point where they are the worst in Asia.
Indian benchmarkindices dropped the most in a month after opening for trade on Wednesday as the political situation in Karnataka remained uncertain.
The 30-share Sensex resumed higher at 35,483 and advanced to a high of 35,510.
The 50-share Nifty reclaimed the key 10900-mark to touch a high of 10929.20 in initial trade and fell back by 4.75 points, or 0.04 per cent, to end at 10801.85. However, it tumbled to 35,087.82 in a sudden late-session sell-off, before finally ending at 35,149.12, down 238.76 points, or 0.67%.
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In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 699.22 crore, while the domestic institutional investors bought stocks worth Rs 229.06 crore.
Sectoral indices led by IT, Teck, capital goods, oil and gas, banking and PSU were trading in the red.
Major losers were Wipro, L&T, HDFC Bank, Adani Ports, Infosys, Tata Motors, Asian Paints, Bharti Airtel, ICICI Bank, Maruti Suzuki, Axis Bank, ITC Ltd and Reliance Industries, falling by up to 1.28 per cent.
In the Asian region, Shanghai Composite Index fell 0.48%, while Hong Kong's Hang Seng slipped 0.54%.
The stock of Dena Bank fell 5 per cent, while the Allahabad Bank scrip tumbled almost 9 per cent. Punjab National Bank, which has been under a cloud since February, was down almost 4 per cent.