Indian indices ended lower on Wednesday, snapping a four-day rally, after Skymet's warning of 'below-normal' monsoon dampened prospects of higher farm and economic growth in the country. During the day, the indices hit their all-time high levels as upbeat global factors boosetd sentiment ahead of a RBI policy meeting outcome later this week.

The S&P BSE Sensex ended at 38,877, down 179 points, While the broader NSE Nifty50 settled at 11,643, slipping 69 points. Meanwhile, broader markets underperformed the frontline indices with both Nifty MidCap and Nifty SmallCap indices declining over 1 percent each. Indiabulls Housing Finance, Maruti Suzuki, Bajaj Finserv, HDFC, and HCL Tech were top gainers on Nifty50, while BPCL, IOC, Zee, GAIL, and SBI fell the most.

Nifty Bank ended in red after hitting a new record high for a second straight session in intra-day deals. Nifty PSU Bank index also slipped over 2.5 percent dragged by Syndicate Bank, Punjab National Bank, Allahabad Bank, Canara Bank and SBI, down in the range of 2-4.5 percent. Oil marketers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp fell between 2.9 percent and 5 percent after Brent futures hit near five-month highs. The index was down 1.5 percent.