The benchmark Sensex fell 1,628 points, or 2.23 percent, on Wednesday, its worst single-day drop in more than a year and a half, following an extreme sell-off in banking, metal, and oil stocks driven by unfavorable global trends.
The 30-share BSE Sensex dropped 1,628.01 points, or 2.23 percent, to 71,500.76. During the day, it fell 1,699.47 points, or 2.32 percent, to a low of 71,429.30.
The Nifty plummeted 460.35 points, or 2.09 percent, to 21,571.95, marking the second consecutive day of declines.
Tata Steel, Kotak Mahindra Bank, Axis Bank, ICICI Bank, JSW Steel, Bajaj Finserv, Maruti, IndusInd Bank, and State Bank of India were among the notable laggards.
The gainers included HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services, Nestle, and Larsen & Toubro.
Seoul, Tokyo, Shanghai, and Hong Kong all closed lower.
European stocks were also trading sharply lower.
On Tuesday, the US stock market closed in negative territory.
Brent crude sank 1.84 percent to USD 76.85 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) purchased securities worth Rs 656.57 crore on Tuesday.
On Tuesday, the BSE benchmark slipped 199.17 points, or 0.27 percent, to 73,128.77, ending a five-day winning streak. The Nifty slid by 65.15 points, or 0.29 percent, to 22,032.30.
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