The 30-share index, however, gave up some gains to trade 164.84 points, or 0.43 per cent, higher at 38,901.07.
Investors will also monitor trade-related developments, as well movement in the rupee and crude oil prices, they added.
Investors were also cautious ahead of the release of key macroeconomic data, traders said.
Global and non-resident investors make investments in India via so-called association of persons (AOP) and non-corporate trusts.
After jumping over 100 points, the 30-share index pared all gains to trade 6.14 points, or 0.02 pc, lower at 38,816.97
After rising as much as 335 points, the 30-share index settled 266.07 points or 0.69 per cent higher at 38,823.11.
The 30-share index, however, gave up some gains to trade 106.35 points, or 0.28 per cent, higher at 38,663.39.
After swinging nearly 400 points during the day, Sensex settled 173.78 points or 0.45 per cent lower at 38,557.04.
After gyrating nearly 200 points, the 30-share index was trading 33.76 points, or 0.09 per cent, lower at 38,697.06.
The scrip declined 2.05 per cent to close at Rs 2,131.45 on the BSE. During the day, it fell by 3.95 per cent to Rs 2,090.