The benchmark BSE index ended down 0.23 percent and the broader NSE index 0.24 percent lower, with blue chips retreating as traders refrained from building positions ahead of an extended holiday, while foreign investor sales also weighed on sentiment.
The partially convertible rupee ended stronger at 61.61/62 per dollar against Tuesday's close of 61.7450/7550, rebounding from a seven-month low earlier in the session as investors saw recent losses as overdone, even as caution prevailed ahead of an extended holiday.
The benchmark 10-year bond yield ended down 3 basis points at 8.48 percent, as investors were attracted to debt after markets had been battered over the previous two sessions, but caution prevailed ahead of a long weekend.
The benchmark five-year swap rate closed down 1 basis point at 7.86 percent while the one-year rate also ended 1 bp lower at 8.44 percent.
India's six-day cash rates ended at 7.40/7.50 percent, versus 8.05/8.15 percent for one-day funds on Tuesday. Traders say month-end government spending aiding liquidity. (Compiled by Dipika Lalwani)