Equity markets in India closed on the red on Wednesday due to weak global sentiments. At close, Sensex was 398 points or 0.49 per cent lower at 81,523 while Nifty was 122 points or 0.49 per cent lower at 24,918.
Banking stocks were in the frontline of selling with Nifty Bank losing 262 points or 0.51 per cent to 51,010.
Tata Motors, SBI, Wipro, NTPC, L&T, M&M, JSW Steel, IndusInd Bank, Tata Steel, and Reliance were the major losers in the Sensex pack.
On the other hand, the major gainers were Asian Paints, Bajaj Finance, Sun Pharma, HUL, Bajaj Finserv, ITC, Bharti Airtel, and Kotak Mahindra.
Among the sectoral indices, the major gainers were Auto, IT, PSU Bank, Fin Service, metal, realty, and energy, while FMCG and consumption were the major laggards.
In the words of Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, "This fall was largely attributed to a cautious sentiment among investors ahead of the upcoming U.S. consumer inflation data, which will lead to future interest rate decisions of the Federal Reserve."
He further said, "Mandar Bhojane, Research Analyst - Choice Broking said, "Nifty on the daily chart is taking support from an upward rising trend line and has formed a bearish candle. Nifty has strong support near the 24,800 level. Any break below this point may correct it towards 24,600 and 24,400 levels in the short run. On the flip side, 25,200 acts as a resistance level, and the price may remain sideways within a wide range of 24,800 to 25,200".
The foreign institutional investors extended their buying as they purchased equities worth Rs 2,208 crore on September 10, while domestic institutional investors sold equities worth Rs 275 crore on the same day.
At 9:45 a.m, early trade, Sensex was at 81,990 up 69 points or 0.09 per cent, while Nifty was trading at 25,070 up 29 points or 0.12 per cent.
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