From the 30-share pack, Reliance Industries Limited, Tata Steel, Titan, Dr Reddy's and Wipro were among the gainers.
In contrast, Tech Mahindra, NTPC, and
"RBI monetary policy will decide the further directions for the markets," Mohit Nigam, Head - PMS, Hem Securities, said.
In Asia, markets in Hong Kong, Seoul, Shanghai, and Tokyo were trading lower in mid-session deals.
Stocks in the US ended higher in the overnight session.
International oil benchmark Brent crude declined 0.34 per cent to USD 100.24 per barrel.
Foreign institutional investors continued to offload shares worth Rs 5,009.62 crore on Thursday, as per exchange data.
In the previous trade, the Sensex slumped 575.46 points or 0.97 per cent to settle at 59,034.95. The Nifty also declined 168.10 points or 0.94 per cent to close at 17,639.55.
"Today's monetary policy is unlikely to impact the market significantly even if there is a surprise rate hike. That would be interpreted by the market positively indicating that the RBI is not behind the curve," according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The real concern for the market, going forward, would be the aggressive rate hikes and quantitative tightening by the
"Crude softening to around $100 is positive while FIIs again turning sellers will provide ammunition to the bears," Vijayakumar, said.
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