The Indian benchmark indices settled the day over 1 per cent lower with deep losses. The bourses opened lower on the back of weak global cues in the Asian Markets and Wall Street after investory worry that US President Donald Trump will struggle to deliver the promised tax cuts that launched the markets to record highs in previous sessions.
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The BSE Sensex ended at 29,167.68, falling 317.77 points.
Among the losers on the index were Bharti Airtel (down 3.39 per cent), ITC (down 2.89 per cent), Tata Motors (down 2.73 per cent) and ICICI Bank (down 2.33 per cent).
The NSE Nifty ended at 9,030.45, down 91.05 points.
On the Nifty, the financial stocks contributed to most of the losses, with the Nifty Finance index declined for a fourth consecutive session.
The losses were led by ICICI Bank that shed over 1 per cent.
The S&P BSE Sensex was trading at 29,183.10, nosediving 302.35 points while the Nifty50 was trading at 9,030.25 falling 91.25 points.
Among the laggards were Airtel, Tata Motors, ICICI Bank falling over 2 per cent each.
The shares of Bharti Airtel fall over 3 per cent.
However, the shares of Dr Reddy's made a turn around. The scrip is currently trading 0.73 per cent higher on the BSE.
Banking stocks take a beating
The S&P BSE Bankex nosedived over 180 points, shaving 0.77 per cent from the bourses while Nifty Bank lost over 146 points.
The shares of PNB fell over 2.3 per cent followed by Federal Bank, ICICI Bank, Yes Bank, SBI and Indusland Bank all losing over 1 per cent.
ICICI Bank Ltd declined for the sixth consecutive session and fell nearly 7% during this period. The stock fell 1.5% to hit a seven-week low.
News reports suggest that these stocks are falling lower after the RBI's credit growth data that indicated banks are finding it difficult to lend despite high liquidity.
The bankex index fell for the fourth consecutive session and hit a near two-week low.
Morgan Stanley has even downgraded HDFC Bank, ICICI Bank and Axis bank on the account of weak loan growth, net interest margins and high prvisions that could hit the earnings in the financial year 2018 and 2019.
The S&P BSE Sensex fell 245 points to 29,239 while the Nifty50 was trading at 9,044, down 77 points.
Axis Bank was the only stock to gain on the BSE. It added a little more than 1 per cent to the bourse.
The Indian benchmark indices on the back of weak global cues after investors rushed towards safer havens amid doubts over Trump's economic policies.
The S&P BSE Sensex was trading 29,311.48, plunging 173.97 points while the Nifty50 was at 9,068.65, down 52.85 points.
The Nifty Bank Index was the weakest, down 200 points.
Shares of Idea continued to trade lower on the NSE.
Most of the scrips on the Sensex were in red.
Dr Reddy's Labs was down 2 per cent on the BSE.
The biggest loser was Mahindra and Mahindra that fell over 2 per cent followed by ICICI Bank, Adani Ports and Bharti Airtel.
PRE OPENING SESSION
The Indian rupee opened at 65.53 against the US dollar in pre opening session
The Sensex and Nifty post negative numbers.
Shares of Divi's Labs still looks weary from yesterday's losses.
IT stocks, bank stocks and metals show weakness.
MARKET RECAP: Tuesday's trade
Divi's Labs plunged nearly 20 per cent in trade on Tuesday after USFDA issued an import alert in its Vizag unit.
Dr Reddy's was the top loser on BSE Sensex shedding 5.1 per cent after "The audit of Company's formulation manufacturing facilty at Duwada, Visakhapatnam, by the US FDA, has been completed on March 08, 2017. The Company has been issued a Form 483 with 13 observations, which the Company is addressing," the company said in a BSE filing.
Shares of Idea fell nearly 5 per cent becoming the top Nifty loser.
Shares of IT companies, too, dragged the market lower.
Markets closed in the negative nursing deep losses on Tuesday.
GLOBAL MARKET UPDATE
The Asian markets posted their biggest fall in two weeks on Wednesday as investors grew uncertain over President Donald Trump's economic growth. This prompted investors to trash their risky assets and instead rush towards safer havens such as gold and government bonds.
Asian equities opened in the red and were trading in losses.
Shanghai Composite Index was down 0.80 per cent, Hong Kong's Hang Seng Index plunged 351 points while Japan's Nikkei was down over 2 per cent.
"Asian stocks have had a good run so this is a good excuse to take some money off the table though there is plenty of cash waiting on the sidelines to be invested if the selloff intensifies," said Alex Wong, a fund manager at Ample Capital Ltd. in Hong Kong, with about $130 million under management, reported Reuters.
Both the S&P 500 and the Dow Jones Industrial Average lost more than one percent on Tuesday in frantic trading, their biggest one day slide since before Donald Trump's election victory in November.
With valuations stretched -- US stocks are trading at the upper end of their historical valuation ranges -- investors see the Trump administration's struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.
Additionally, oil prices declined as concerns about new supply overshadowed the latest talk by OPEC that it was looking to extend output cuts.