The benchmark 30-share BSE Sensex tumbled more than 370 points to end at 53,514, while the broader Nifty50 slipped below the 16,000 mark, dropping over 90 points to end at 15,966.
Indian shares ended Wednesday's volatile trade lower dragged by sharp selling in financial and information technology scrips. The benchmark 30-share BSE Sensex tumbled more than 370 points to end at 53,514, while the broader Nifty50 slipped below the 16,000 mark, dropping over 90 points to end at 15,966.
The MidCap indexes settled in the green with the BSE MidCap rising 0.32 percent. The banking gauge, Nifty Bank, fell over 300 points, or 0.87 percent with HDFC Bank, IndusInd, ICICI Bank and others weighing down the indice.
Coming after the results of Tata Consultancy Services, IT major HCL Technologies also reported a sharp contraction in the margin front prompting selling in the stock.
HCL Technologies shares remained under selling pressure, a day after the Noida-based IT major reported a 100 basis-point sequential drop in its margin amid worsening attrition. HCL Tech's quarterly performance reflects elevated employee costs in the IT space due to high attrition.
Shares of most oil-producing companies including Oil and Natural Gas Corporation (ONGC) and Indian Oil declined as crude oil prices fell below $100 a barrel, which is likely to impact such firms’ profitability.
Shares of Delta Corp rose nearly 3 percent after the online gaming and casino company reported a sharp improvement in its operational performance.
Support for indices came from the fast-moving consumer goods and paint companies on expectations that the fall in crude oil prices may ease input cost pressure.
Most Asian markets ended marginally higher with China's Shenzhen Composite and Shanghai Composite ended 0.6 percent and 0.1 percent higher, respectively. South Korea's Kospi and Japan's Nikkei 225 gained 0.5 percent each while Hong Kong's Hang Seng bucked the trend and fell 0.2 percent.
First Published: IST