The Sensex touched a high of 34,434.14 points and a low of 34,229.83 points during the intra-day trade.
The wider Nifty50 on the National Stock Exchange (NSE) fell by 22.50 points or 0.21 per cent to provisionally close at 10,526.20 points.
The Nifty was trading at 10,565.40 points in the morning.
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
Oil prices extended gains after settling close to 3 percent higher in the previous session on fall in USA crude inventories and after sources told Reuters that top exporter Saudi Arabia is seeking to push oil prices higher.
Investors cheered March-quarter results of IT firm Mindtree Ltd, sending the shares 3 per cent higher.
Saudi Arabia Movie Theater Opening by Showing 'Black Panther' Film
A source told Reuters last month that theatres would not be segregated by gender like most other public places in Saudi Arabia . A further three screens are expected to open at the AMC cinema in the coming months and will show a range of Hollywood films.
Meanwhile, shares of state-run oil refiners tumbled and were the top percentage losers on the NSE index as oil prices remain close to late 2014-highs on the back of declining US crude inventories, while top exporter Saudi Arabia pushed for higher prices.
The Nifty IT index closed up a percent on depreciation in the rupee and ahead of TCS earnings later in the day. PPCL fell 3.1%, HPCL 2.7%, International Olympic Committee 1.9%. The shares of Axis Bank slumped 2.60 per cent while that of M&M, IndusInd Bank and Hero Motocorp dropped 1.55 per cent, 1.23 per cent and 0.97 per cent respectively.
European markets were mixed amid fresh earnings reports and higher oil prices.
In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.3 per cent. Market breadth, indicating the overall health of the market, turned positive.
The US Dow Jones Industrial Average, however ended 0.16 per cent lower in yesterday's trade.
Meanwhile, on a net basis, Foreign Portfolio Investors (FPIs) sold shares worth Rs 915.71 crore while Domestic Institutional Investors (DIIs) bought shares worth Rs 869.70 crore on Wednesday, a provisional data showed.