The Nifty 50 dropped 0.20% to 23,691, while the Sensex fell 0.40% to 78,271. In contrast, the Nifty Smallcap 100 rose 1.86% to 17,110.

Indian benchmark indices ended in the red zone on Wednesday, weighed down by declines in consumer stocks following weak earnings. Investor sentiment stayed cautious ahead of the Reserve Bank of India's upcoming bi-monthly policy announcement on Friday.

Broader markets outperformed the benchmarks, with small-cap shares leading the charge, as the Nifty Smallcap100 index ended higher by 1.85 per cent