The benchmark equity indices snapped the longest gaining streak in nearly two months on Wednesday and also posted the worst intraday fall in nearly a month.
The NSE Nifty 50 ended 181.80 points or 0.77% lower at 23,486.85, while the BSE Sensex closed 728.69 points or 0.93% lower at 77,288.50.
During the day, the Nifty fell as much as 0.92% to 23,451.70, while the Sensex dropped 1.05% to 77,194.22. Both the indices fell the most intraday since Feb. 28.
Technically, after a muted open, the market consistently faced selling pressure at higher levels. It has also formed a bearish candle on the daily charts, which supports further weakness from the current levels, according to Shrikant Chouhan, head of equity research at Kotak Securities.
HDFC Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Axis Bank Ltd. and NTPC Ltd. weighed on the Nifty the most.
Trent Ltd., IndusInd Bank Ltd. and Bharti Airtel Ltd. led the gains.
Ten out of the 12 sectors on the National Stock Exchange declined, with the Nifty Media, Oil & Gas and Realty falling the most.
On the BSE, all but one of the 21 sectors declined, with Oil & Gas and Healthcare leading the decline.
The broader markets ended lower, with the BSE MidCap declining 0.67% and the SmallCap falling 1.45%.
The market breadth was skewed in favour of the sellers as 3,114 stocks declined, 922 advanced and 107 remained unchanged on the BSE.
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