The 30-share index, however, pared some losses and was trading 34.59 points, or 0.09 per cent, lower at 39,078.15.
After rebounding over 150 points in opening session, the 30-share index pared gains to trade marginally higher at 38,969.76.
The 30-share index was trading 175.29 points, or 0.44 per cent, lower at 39,276.78.
The 30-share index was trading 130.35 points, or 0.33 per cent, lower at 39,626.46.
According to traders, investor sentiment was boosted by initial trends that suggested a win for the ruling NDA.
'Hinduja Group is evaluating the Jet Airways opportunity,' the group said in a statement on Tuesday.
BSE Sensex rise led by gains in oil and gas, banking and IT stocks, ahead of the general election results.
The scrip, after a weak opening at Rs 186.60, further dropped 6.10 per cent to Rs 178.40 on the BSE.
Stocks that touched 52-week highs include Bajaj Finance, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, SRF and Titan.
Both the key indices rallied in the last hour of trade after trading on a tepid note through most part of the day.