Shares of explorers and refiners were down as oil prices fell.

Oil and Natural Gas Corporation fell as much as 2.13 per cent, while Oil India slipped as much as 1.91 per cent.

Oil prices dipped on Wednesday, trading around multi-month lows as investors discounted the evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

Oil refiners also fell as analysts pointed out to a possibility of inventory loss on falling crude oil prices. Bharat Petroleum Corp shed 1.77 per cent, while Hindustan Petroleum Corporation was down 1.65 per cent.

However, airlines stocks rose as jet fuel is the biggest cost for low-budget carriers. SpiceJet Ltd was up 3.6 per cent, Jet Airways rose 3.02 per cent and InterGlobe Aviation climbed 2.1 per cent.