The 30-share Sensex briefly turned positive to hit a fresh intra-day high of 40,749.33
In tandem with a weak trend in gold, silver prices also tumbled Rs 956 to Rs 45,498 per kg from Rs 46,454 per kg in the previous trade.
The fall in crude oil futures was mostly due to trimming of positions by traders in line with weak global cues, analysts said.
Sustained foreign fund inflows and easing crude oil prices capped the losses.
Top losers in the Sensex pack included Sun Pharma, HUL, Bharti Airtel, NTPC, PowerGrid and RIL, shedding up to 1.69 pc.
Sustained foreign fund inflows supported the rupee though the gains were capped by hardening crude oil prices, traders said.
After hitting a record intra-day high of 40,688.27, Sensex ended 183.96 points, or 0.45 per cent higher at 40,653.74.
Tracking the rise in gold, silver prices also moved up by Rs 230 to Rs 46,510 per kg from Rs 46,280 per kg on Wednesday.
On Multi Commodity Exchange, crude oil prices for November delivery dropped by Rs 4, or 0.07 per cent, to Rs 4,001 per barrel.
Sustained foreign fund inflows, positive opening in domestic equities and easing crude oil prices supported the local unit.