Indian benchmark equity indices, the BSE Sensex and NSE Nifty50, failed to hold early gains on Wednesday, ending sharply lower as the Reserve Bank of India's 35 basis point repo rate cut failed to calm investor concerns over a slowdown in the economy. The RBI also cautioned over growth in the economy, and lowered its gross domestic product (GDP) growth projection for 2019-20 to 6.9 percent from 7 percent earlier.

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NSE

The broader 50-share NSE Nifty closed at 10,855.50, down 92.75 points or 0.9 percent. The 30-share benchmark BSE Sensex ended at 36,690.50, down 286.35 points, or 0.8 percent.

Broader market indices also underperformed with the Nifty MidCap index down 0.75 percent while the Nifty Bank slipped over a percent.

Except IT and pharma, all other sectoral indices ended in the red led by metal, auto, energy and infra.

Nifty PSU Bank index was the worst-hit sectoral index on the NSE, down 3.4 percent, while Nifty Media gained the most, up 1.9 percent.

Shares of Indiabulls Housing Finance, the worst-hit on Nifty50 index, closed 13.3 percent lower as the mortgage lender's net profit fell 24 percent on year, while its non-performing assets surged.

ZEEL shares were up 5 percent on reports of a likely merger of its direct-to-home business, Dish TV India, with Bharti Airtel's Airtel TV.

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