Reuters Market Eye - The Nifty is flat after earlier rising as much as 0.1 percent to match a record high at 6,591.50 hit on Monday, while the benchmark Sensex falls 0.1 percent.
Shares of oil and gas producers slump after the country's election commission asked the government to defer a planned hike in gas prices due to start on April 1.
Reliance Industries falls 2.6 percent, while state-run Oil and Natural Gas Corp is down 2.5 percent.
However, lenders including HDFC Bank extended a recent rally on the back of strong foreign investor flows.
HDFC Bank is up 1.2 percent after earlier marking its record high at 760 rupees, while State Bank of India gains 0.8 percent.
Overseas investors bought shares worth 14.65 billion rupees and 10.56 billion rupees worth of index futures on Monday, when shares hit a record high, provisional exchange data shows.
Foreign investors have been particularly heavy buyers during the recent rally, with net purchases of $2.27 billion of shares so far this month, regulatory data shows.
(Reporting by Abhishek Vishnoi)