The benchmark BSE Sensex fell 566 points below the 60,000-level on Wednesday led by heavy selling in banking and IT stocks amid a weak global trend.
The 30-share BSE barometer ended 566.09 points or 0.94% lower at 59,610.41. It fell 666.66 points, or 1.10%, to 59,509.84 during the day.
The broader NSE Nifty ended 149.75 points or 0.83% lower at 17,807.65.
From the 30-share pack, HDFC Bank, HDFC, HCL Technologies, Tech Mahindra, Infosys, TCS, M&M, Kotak Mahindra Bank, Axis Bank were the major laggards.
In contrast, NTPC, Tata Steel, Power Grid, Bharti Airtel, Nestle and Larsen & Toubro were among the gainers.
According to Mitul Shah, Head of Research, Reliance Securities, “Domestic stocks closed lower in tandem with the United States markets, driven by investor expectations of a tighter interest rate hike by the Fed.”
On Tuesday, the BSE Sensex was down 435.24 points or 0.72% at 60,176.50. Similarly, the NSE Nifty fell 96 points or 0.53% to end at 17,957.40.
Meanwhile, international oil benchmark Brent crude rose 0.93% to $107.6 per barrel.
Elsewhere in Asian markets, shares in Hong Kong, Tokyo and Seoul closed lower, while Shanghai was in the green. In the US too, the index closed at a lower level on Tuesday.
According to stock exchange data, foreign portfolio investors bought shares worth Rs 374.89 crore on Tuesday.