On Wednesday, the Sensex fell 456 points, trailing the losses of index majors Reliance Industries, Infosys and ICICI Bank as market participants continued to post profits at high levels.
The 30-stock index finished 456.09 points or 0.74% lower at 61,259.96. Similarly, the NSE Nifty fell 152.15 points or 0.83% to 18,266.60.
Titan was the biggest loser in the Sensex pack, losing around 3%, followed by HUL, NTPC, Bajaj Finserv, L&T and PowerGrid.
On the other hand, Bharti Airtel, SBI, IndusInd Bank, Bajaj Finance and Axis Bank were among the winners.
“The indices corrected quite significantly, led by the expensive side of the market where valuations had stretched,” said S Ranganathan, head of research at LKP Securities.
Nearly all sector indexes ended in the red, although PSU banks were seen bucking the trend as investors pick value in this pocket, he noted.
In addition, he said the Street is taking note of cost pressures stemming from higher input costs at companies that lack pricing power.
Elsewhere in Asia, stock markets in Hong Kong and Tokyo ended with gains, while Shanghai and Seoul were in the red.
European exchanges were trading mixed in mid-term trades.
Meanwhile, international oil benchmark Brent Crude slipped 0.82% to $84.38 a barrel.
Top 5 winners and losers on Sensex:
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Top 5 winners and losers on Nifty 50:
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