Sentiments also took a hit on sell-off in NBFCs, led by Indiabulls Housing Finance, Dewan Housing Finance, IL&FS Engineering and Construction which dropped up to 16.55 per cent on prevailing liquidity concerns, brokers said.

While the Sensex fell 470 points or 1.37% lower at 34,301 level, the Nifty shed 127.70 points or 1.22% to 10,325. Top Sensex losers were Reliance Industries (5.10%), Infosys (2.95%)  and YES Bank (2.27%).

Non resident Indians are a happy lot as a slump in rupee has given them a windfall gain on their foreign exchange earnings.

Mutual fund houses have made investments of over Rs 11,000 crore in domestic equities in the first two weeks of this month despite volatility in the stock markets, even as foreign investors pulled out a massive Rs 19,000 crore.

Sameet Chavan, Chief Analyst, Technicals and Derivatives at Angel Broking, takes viewers through all  the market action today. Surrendering early gains, the benchmark Sensex on Wednesday fell 383 points to end below the 35,000-mark in highly volatile trade, breaking three sessions of gains as NBFC stocks tanked on fears investors will not roll over their positions in commercial papers issued by them.

The firm reported a 10.3 per cent growth in its consolidated net profit at Rs 4,110 crore for the quarter ended September 2018.

The Sensex swung nearly 880 points both ways on alternate bouts of buying and selling during the session. It finally ended 1.09% lower at 34,779 points. The Nifty too ended 131 points or 1.24% lower at 10,453.