Benchmark indices BSE Sensex and NSE's Nifty 50 fell 1 percent on Wednesday dragged mainly by shares of auto and banking and financial companies. Continued foreign fund outflows and negative sentiment in global markets have also weighed on Indian shares.

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The 30-share Sensex fell as much as 444.99 points, or 1.13 percent, to 38,652.15. The 50-share Nifty slipped below the 11,500 level to a low of 11,463.05, down 125.15 points, or 1.07 percent, from its previous close.

At 11:15 AM, the Sensex was down 383.97 points, or 0.98 percent, at 38,713.17 and the Nifty was trading 105.80 points, or 0.91 percent, lower at 11,482.40.

The midcap and smallcap indices also dived over 1 percent. Among the sectoral indices, the auto and the PSU bank indices fell around 3 percent. The Nifty Bank, metal and realty declined about 2 percent.

IT companies traded in the positive territory led by Tata Consultancy Services, which was up 1.5 percent. Energy shares also traded higher.

Power Grid, NTPC, TCS, Reliance Industries and Bajaj Finance were among the major gainers on the key indices, whereas State Bank of India, Tata Motors, HDFC, Maruti Suzuki and Eicher Motors were the top losers.

The Indian rupee opened marginally lower against the US dollar amid rising demand for the US dollar vis-a-vis other currencies overseas.

The rupee opened at 71.10 then fell to 71.12 against the US dollar, showing a decline of 11 paise over its previous closing. The Indian rupee on Tuesday had closed at 71.01 against the US dollar.

Meanwhile, the 10-year government bond yield was at 6.77 per cent in morning trade.

Foreign investors sold shares worth a net of Rs 828.49 crore on Tuesday, while domestic investors bought equities worth Rs 472.81 crore, according to NSE data.

Shares in global markets also declined after US House lawmakers launched an impeachment inquiry against President Donald Trump, increasing uncertainties amid the country's trade war with China.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.82 percent, Japan's Nikkei fell 0.63 percent, while Australian shares fell 0.60 percent, reported Reuters.

Oil prices fell for a second day on worries about falling fuel demand. Brent crude futures fell 46 cents to $62.64 a barrel.

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First Published:Sept 25, 2019 11:27 AM IST