The rupee has also depreciated against the US Dollar, trading close to the 68 mark.
No let-up in selling by foreign funds and rising global crude oil prices, which hovered near United States dollars 80 per barrel, affected investor sentiment, brokers said. However, the indices gave up all the gains to close in the negative territory as final results by 3.30 pm showed BJP had fallen short of a clear majority, and a Congress-JD (S) coalition government was a possibility.
Weak Chinese economic data and lack of progress on trade tariff issue between the U.S. and China too hit investor sentiments.
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The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn.
Besides, the BJP forming the government in Karnataka and a higher opening in domestic equity market supported the rupee, forex dealers said.
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The 30-share Sensex opened lower at 35,452.35 points and moved between 35,241.63 and 35,543.89 before settling lower by 156.06 points, or 0.44 percent, at 35,387.88. The 30-share BSE index hit a high of 35993.53 in morning trade.
Among the Nifty50 stocks, Bharti Airtel was the top loser, down 2.57 per cent followed by UltraTech Cement and Wipro, which fell as much as 2 per cent. ICICI Bank, Cipla, Tata Motors, Gail, Sun Pharma, Asian Paints were the other prominent losers in the Nifty.
Sectoral indices led by IT, Teck, capital goods, oil and gas, banking and PSU were trading in the red.
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The US Dow Jones Industrial Average, however, ended 0.22 percent down in Thursday's trade. Among other IT stocks, Infosys fell 0.7 per cent and TCS 0.5 per cent.