Indian shares wiped off early gains to end lower in a topsy-turvy trade on Wednesday, dragged by oil marketers, a day after the retail inflation came below the Reserve Bank of India's target for a sixth straight month. Annual retail inflation in January rose 2.05 percent, its slowest pace since June 2017, strengthening the possibility of a key interest rate cut by the Reserve Bank of India in April.

However, analysts predict Nifty to be rangebound till the general elections due by May, with Geojit Financial Services' Gaurang Shah expecting the index to trade between 10,550 and 11,000. The benchmark BSE index closed down for a fifth session, ending 0.33 percent lower at 36,034.11, while the broader NSE index ended 0.35 percent lower at 10,793.65, losing 2.5 percent in four sessions. Oil marketing companies Hindustan Petroleum Corp Ltd, Indian Oil Corp Ltd and Bharat Petroleum Corp Ltd closed 3.8 percent, 3.6 percent and 2.9 percent lower, respectively.

Copyright Reuters, 2019