After a recent rise, the Sensex and Nifty50 stock indices fell roughly 1% on Wednesday due to profit-booking in banking, financial, and IT firms.
The 30-stock BSE Sensex fell 537.22 points, or 0.94 percent, to 56,819.39, as 24 of its constituents fell. It fell 772.57 points, or 1.34 percent, during the day, reaching a low of 56,584.04.
The broader NSE Nifty50 index fell 162.40 points (0.94%) to 17,038.40, with 39 of its constituents ending the day in the red.
With a 7.24 percent decline, Bajaj Finance was the worst performer on the Sensex. ICICI Bank fell 2.21 percent, Bajaj Finserve fell 3.88 percent, and SBI fell 1.78 percent.
Infosys was down 1.68 percent, and Wipro was down 1.91 percent. Titan was down 2.19 percent, Dr. Reddy’s was down 1.94 percent, UltraTech Cement was down 1.63 percent, M&M was down 1.46 percent, and Maruti was down 1.44 percent.
Tata Steel, on the other hand, increased by 1%, as did Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries, and HDFC Bank.
The BSE midcap index fell 0.88 percent, while the smallcap index fell 0.61 percent in the broader market.
Power slid the most (1.86%) among BSE sectors indices, followed by utilities (1.81%), telecom (1.72%), banking (1.40%), and oil and gas (1.40%). (1.24 per cent). Metal was the sole asset to gain ground, gaining 0.02 percent.
There were 2,202 stocks that fell, 1,161 that rose, and 120 that were constant.
Stock markets dropped substantially lower in continuation of the current consolidation period, according to Ajit Mishra, VP – Research, Religare Broking Ltd.