The benchmark BSE index marked its worst run in over five months, closing down 0.44 percent at 35,876.22. The broader NSE index ended 0.44 percent lower at 10,746.05, having shed 2.9 percent in five sessions.
Index heavyweight Reliance Industries Ltd closed 1.35 percent lower, after gaining nearly 10 percent since reporting its quarterly results mid-January.
NSE's IT index, which includes Tata Consultancy Services Ltd and Infosys Ltd, shed 1.12 percent, having gained 12.1 percent since Infosys reported its quarterly results on Jan. 11.
"We could see some consolidation in the markets as there aren't enough clear triggers at the moment," said Mugilan K., deputy manager of research at Cholamandalam Securities.
"Most of the gains have come from a handful of largecaps like Reliance but if you look at midcaps, they have underperformed. Expect Nifty between 10,600 and 11,100 for the next month."
The Nifty Midcap 50 index, which includes troubled home loan provider Dewan Housing Finance Corp Ltd, fell 9.21 percent this year as of Wednesday's close, compared to NSE index's 0.63 percent decline in the same period.