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India's NSE index closed at its lowest level in nearly two weeks on Wednesday, continuing to retreat from the record high hit in the previous session, as investors pared positions in blue-chips such as Tata Motors ahead of the federal budget.

Tata Motors fell 2.7 percent while Larsen & Toubro lost 1.3 percent. Among other blue-chips, Coal India fell 3.1 percent while Housing Development Finance Corp ended down 0.7 percent.

Auto stocks also fell after an industry body official said the delayed monsoon was worrisome and that car and utility vehicle sales were expected to grow moderately in FY15.

Mahindra and Mahindra fell 3 percent while Maruti Suzuki India lost 2.8 percent.

Software stocks also fell on caution ahead of Infosys quarterly results on Friday. Infosys fell 1 percent while Tata Consultancy Services ended down 2.1 percent. 

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