No real effort from bulls or the companies was seen to push Nifty above 4650 mark after crawling back above 4600 mark.
With every passing day, the mouth-watering valuations are tempting investors to enter the market, but news flow, both on global and local front, holds them back.
Fall in rupee traps FII
Foreign mutual funds that invest in Indian shares are trailing onshore rivals by the widest margin in 13 years due to a dive in the rupee, raising the risk of sharp investor withdrawals unless funds embrace unfamiliar and costly currency risk hedging.
The rupee has dropped more than 16 percent against the US dollar since July, making it Asia's worst performing currency this year. That has piled on the agony for foreign investors already suffering from a near-25 percent slide in the BSE Sensex this year.
Redemption of funds by FIIs will further drag the Nifty to new lows.