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The 30-stock Sensex hit an all-time high of 26,630.74; while the Nifty touched 7,968.25; its life high.
The rally on Dalal Street came to a halt after the Supreme Court ruled that all coal block allocations post 1992 are illegal.
The biggest loser post the SC judgement was Jindal Steel, which closed the day at Rs 259.00; down 12 per cent.
Hindalco was another big loser. It cracked about 8%.
The court's judgement was on a petition against alleged irregularities in the allotment of coal blocks to private parties during UPA and NDA regimes from 2001 till 2009.
The apex court observed that allocation of coal blocks done under screening committee rule was irregular.
No proper procedure for allocation was followed since 1992, the court said.
The SC has said further hearing is required to determine whether there is a need for cancelling 218 coal block allocations.
It will hear arguments on September 1 on cancelling of coal block licences.
The Sensex closed the day at 26,437.02; up 17.47 points. The broader 50-stock Nifty ended the day at 7,906.30; down 6.90 points.
The BSE Midcap Index was down 0.63 per cent and the S&P BSE Smallcap Index moved 0.37 per cent lower.
Among the sectoral indices, the S&P BSE Metal Index fell 4.47 per cent, the S&P BSE Power Index was 1.37 per cent lower and the S&P BSE Bankex slipped 0.77 per cent.
Hindalco (9.91 per cent), Tata Steel (5.20 per cent), Sesa Sterlite (4.22 per cent), Tata Power (3.47 per cent) and ICICI Bank (1.34 per cent) were among the index losers.
TCS (up 2.25 per cent), HUL (up 2.09 per cent), Maruti (up 2.03 per cent), Hero MotoCorp (up 1.74 per cent) and Dr Reddy's Laboratories (up 1.62 per cent) were among the major Nifty gainers.
The market breadth was negative on the BSE with 1402 gainers against 1617 losers.
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