The Indian equity benchmark indices turned negative after opening on a higher note on Wednesday amid mixed sentiment in the global peers.
At 9:15 am, the Sensex opened 0.37 percent, or 175.95 points, higher at 47,789.03, while the Nifty50 index opened at 13,980.90, up 48.30 points, or 0.35 percent.
However, both the benchmarks tuned flat-to-negative after opening with gains.
Broader markets reeled under pressure with Nifty Smallcap100 and Nifty Midcap100 indices trading lower.
Selling was witnessed in Nifty PSU Bank, Nifty Pharma and Nifty Metal indices while Nifty FMCG and Nifty IT traded in the green.
UPL, HCL Technologies, Tech Mahindra, NTPC and Hindustan Unilever were the Nifty50 top gainers, while SBI, Tata Motors, IndusInd Bank, GAIL India and Tata Steel were the top index losers.
UPL stock price gained over 2 percent after the company completed the pre-payment of $410 million of 3.25% Senior Notes due October 2021. This prepayment is in line with its commitment to reduce debt.
On the global front, Asian shares hit a record high on Wednesday as investors bet on a strong economic recovery next year, as there is little sign policymakers wind back massive stimulus efforts aimed at staving off coronavirus-fuelled downturns.
MSCI's gauge of Asia-Pacific shares excluding Japan rose 0.6 percent to hit a record high, led by gains in Chinese shares, bringing its gains so far this year to 18.2 percent.
Japan's Nikkei share average lost 0.58 percent on its last trading day of 2020 after jumping to a 30-year high on Tuesday. For the year, it was up 15.8 percent.