Separately, the Nifty PSU bank index that tracks state-run lenders jumped 2.82% after Reuters reported that the government had shortlisted four banks for potential privatisation.
Domestic stock indexes have rallied more than 12% in February on a high-spending federal budget, better-than-expected December-quarter corporate earnings and strong foreign fund inflows.
On Monday, the NSE Nifty 50 index ended 1% higher at 15,314.70, while the S&P BSE Sensex closed 1.18% higher at 52,154.13.
Auto stocks - up nearly 12% in February - fell 0.36% and were the top decliners among 14 sectoral indexes. Eicher Motors dropped 4% after reporting December-quarter earnings on Wednesday.
Drugmaker Dr. Reddy's Laboratories rose 5.3% after a report said India is expected to grant emergency use authorization for Russia's Sputnik V COVID-19 vaccine soon.
"The data is unlikely to bode well for the yuan in the short term, with USDCNY likely to continue to trade with an upwards bias," wrote Mitul Kotecha, senior emerging markets strategist at TD Securities.
The blue-chip NSE Nifty 50 index fell 1.07% to 13,817.55 and the benchmark S&P BSE Sensex closed 1.13% weaker at 46,874.36.
Shares of automaker Maruti Suzuki India Ltd fell 3.5% after the company's margins for the December-quarter fell on rising costs, despite an uptick in demand.
The blue-chip NSE Nifty 50 index fell 1.5% to 14,371.90 and the benchmark S&P BSE Sensex fell 1.5% to 48,878.54.
There is some market fatigue that is creeping in after a massive rally. Even though foreign investors remain net buyers in the market their numbers have come down sharply.
Shares of Bharti Airtel rose 5% and was the biggest boost to the Nifty 50 index after the company said on Tuesday it was initiating process to revise foreign investment limit up to 100%.
Shares of Gail (India) Ltd rose 5.8% to a 15-month high of 143.5 rupees after the state-owned gas distribution firm said it would consider a proposal to buy back shares.
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.
MSCI's broadest index of Asia-Pacific shares outside Japan hit a record high on hopes that the rollout of coronavirus vaccines will eventually help revive the global economy.