The blue-chip NSE Nifty 50 index fell 0.64% to 15,767.55 and the benchmark S&P BSE Sensex was down 0.51% to 52,501.98 at close. Both the indexes ended at a record high on Tuesday.
The Nifty Metal Index fell the most among other sub-indexes, ending 2.85% lower, dragged by Tata Steel Ltd and JSW Steel Ltd, which fell 2.7% each.
A heady rally in metal stocks paused last week as commodity prices pulled back from record prices. The Nifty metal index is up more than 10% this month despite the pause last week, after surging 21.9% in April.
Among individual stocks, State Bank of India was set to gain for a sixth straight session following well-received quarterly results. The stock has jumped 46% so far in the last eight sessions.
India's economy is seen clocking robust growth of 11% for the coming fiscal year, after likely contracting 7.7% in the current fiscal year to March 31, an annual economic survey showed on Friday.
The country's drug regulator on Sunday gave emergency use approval to two coronavirus vaccines - one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.