Indian equity benchmarks swung back into the red on Wednesday after a two-day relief rally fizzled out amid persistent concerns about interest rate hikes by the central banks and recession fears.
The 30-share BSE Sensex plunged 710 points or 1.35 per cent to close at 51,823 today, while the broader NSE Nifty moved 226 points or 1.44 per cent down to settle at 15,413.
Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 fell 1.63 per cent lower and small-cap slipped 1.41 per cent.
All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Metal, Nifty Oil & Gas and Nifty Consumer Durables underperformed the platform by falling as much as 4.87 per cent, 2.16 per cent and 1.29 per cent, respectively.
On the stock-specific front, UPL was the top Nifty loser as the stock cracked 6.03 per cent to Rs 613. Hindalco, Tata Steel, JSW Steel and ONGC were also among the laggards.
The overall market breadth stood negative as 1,251 shares advanced while 2,079 declined on BSE.
On the 30-share BSE index, Tata Steel, Reliance Industries, Wipro, IndusInd Bank, HCL Tech, Bajaj Finserv, Titan, Bajaj Finance, Tech Mahindra, ITC, Bharti Airtel and Axis Bank were among the top losers.
In contrast, TCS and PowerGrid finished in the green.
Also, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, rose for the third straight session to close 0.49 per cent higher at Rs 668.55.