Mumbai: The key stock market indices were under selling pressure on Wednesday resulting in erosion of Rs 5.55 lakh crore investors wealth in the last four sessions.
After a volatile session, the 30-share BSE Sensex ended 562.34 points or 1.12 per cent lower at 49,801.62.
Similarly, the broader NSE Nifty slumped 189.15 points or 1.27 per cent to finish at 14,721.30.
Besides lacklustre trade in global markets ahead of the US Federal Reserve's policy decision, a flat rupee, rising COVID-19 cases in multiple states and the rise in international crude prices dragged the domestic equity market.
All BSE sectoral indices closed lower on Wednesday, with oil and gas, power, realty, energy and utilities falling up to 3.22 per cent.
ONGC declined 4.95 per cent, the most among the 30-frontline stocks, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Reliance Industries and Bajaj Auto.
Market heavyweight Reliance Industries dipped 2.16 per cent and was the biggest contributor in the market decline.
In the broader markets, the BSE midcap and smallcap indices declined as much as 2.28 per cent.
At the BSE, 2,188 companies declined, while 795 advanced and 142 remained unchanged.
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In four days, the BSE Sensex has fallen by 1,477.89 points or 2.88 per cent.
During the same period, the market capitalisation of BSE-listed companies has tanked by Rs 5,55,400.52 crore to reach Rs 2,03,71,252.94 crore.
"News of rising COVID cases in India and caution ahead of the US Fed meet were weighing on investors' sentiment," Ajit Mishra, VP - Research, Religare Broking Ltd told PTI.
According to the Union Ministry of Health and Family Welfare, 28,903 new infections were reported in the last twenty-four hours, which is the highest daily count so far this year.
Five states, Maharashtra, Punjab, Karnataka, Gujarat and Tamil Nadu, continue to report a high number of daily COVID-19 cases, and account for 71.10 per cent of the total cases.
(With PTI Inputs)
