Benchmark indices erased early gains as volatility ruled the markets again, with the Sensex extending its fall for the third day on Wednesday, falling over 300 points amid a sell-off in IT stocks.
The 30-share BSE Sensex closed 303.35 points or 0.56% lower at 53,749.26. The benchmark touched a low of 53,683.16 and a high of 54,379.59 during the day.
The broader NSE Nifty ended 99.35 points or 0.62% lower at 16,025.80.
From the Sensex pack, Asian Paints, TCS, Wipro, Tech Mahindra, Larsen & Toubro, Infosys, State Bank of India, HCL Technologies and M&M were the biggest laggards.
Conversely, NTPC, Bharti Airtel, HDFC, Kotak Mahindra Bank, Nestle, ICICI Bank and ITC were the major gainers.
Asian markets closed with gains in Hong Kong, Shanghai and Seoul, while Tokyo registered marginal declines.
European exchanges were trading in the green in afternoon trade.
Stock markets in the United States ended mostly lower on Tuesday.
International oil benchmark Brent crude jumped 1.37% to $115.1 a barrel.
According to stock exchange data, foreign institutional investors continued their selling by selling shares worth a net ₹2,393.45 crore on Tuesday.
“Domestic indices tracked mixed sentiment from global markets as investors assessed the possibility of a recession in the US, following which Fed policy tightened.
“Global markets await the release of Fed minutes, which will be evaluated for details on the path to future rate hikes,” said Vinod Nair, Head of Research, Geojit Financial Services.