The benchmark equity indices closed over 1% lower on Wednesday as Reliance Industries Ltd. and bank stocks dragged the most.
The NSE Nifty 50 ended 247.20 points or 1.11%, down at 21,951.15 and the S&P BSE Sensex closed 790.34 points or 1.08%, lower at 72,304.88.
The Nifty logged its biggest loss in 25 sessions, while the Sensex recorded its biggest fall in 21 sessions.
"The index dropped below the 22,000 mark, indicating a growing weakness," Rupak De, senior technical analyst at LKP Securities Ltd., said.
The Nifty has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term. Conversely, a sustained trade above 21,950 might spur a recovery in the index towards 22,100, he said.
Reliance Industries Ltd. dragged the Nifty the most, followed by ICICI Bank Ltd., HDFC Bank Ltd., Power Grid Corp. and Maruti Suzuki India Ltd.
Shares of Bharti Airtel Ltd., Hindustan Unilever Ltd., Infosys Ltd. and Tata Consultancy Services Ltd. minimised losses in the index.
All sectoral indices ended lower, with Nifty Media losing the most. Six sectoral indices ended more than 2% lower.
Broader markets underperformed benchmark indices. The S&P BSE Midcap fell 1.82%, and the S&P BSE Smallcap declined 1.94%.
All 20 sectors on the BSE declined, with S&P BSE Utilities falling over 2% to emerge as the top loser.
The market breadth was skewed in the favour of the sellers as 2,955 stocks declined, 889 advanced and 77 remained unchanged on the BSE.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
