India's benchmark stock indices ended lower on Wednesday even as the global sentiment was subdued after Fitch Ratings Inc. downgraded the sovereign credit grade of the U.S.
The S&P BSE Sensex closed 676.53 points lower, or 1.02%, at 65,782.78, while the NSE Nifty 50 declined 207 points, or 1.05%, to end at 19,526.55.
The Sensex ended below the 66,000 mark and the Nifty below 19,550 for the first time since July 13 as all sectors plunged, with stocks of public sector banks and metals declining the most. The Nifty Bank fell below 44,800 intraday for the first time since July 17.
Global stocks dropped as Fitch's downgrade spurred investors away from riskier assets. Broad losses in Europe dragged the benchmark regional index down the most in almost four weeks. The S&P 500 and Nasdaq 100 futures slid more than 1%.
In Asia, stocks headed for their biggest decline in more than four months as technology names dropped. Japanese stocks dropped the most this year as gains in the Yen dented the outlook for corporate profit. Technology stocks in Hong Kong dropped more than 3%.
Hindustan Unilever Ltd., Nestle India Ltd., Asian Paints Ltd., Divi's Laboratories Ltd. and Tech Mahindra Ltd. positively contributed to the change in the Nifty 50.
Reliance Industries Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., State Bank of India and ITC Ltd. weighed on the index.
The broader market indices underperformed their larger peers. The S&P BSE Midcap was down 1.39%, while the S&P BSE Smallcap was 1.18% lower.
All 20 sectors compiled by BSE Ltd. declined. The S&P BSE Metal and S&P BSE Utilities fell the most.
The market breadth was skewed in favour of sellers. About 1,266 stocks rose, 2,328 declined, and 144 remained unchanged on the BSE.
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