Sensex drops 710 points and the Nifty settles below 15,450

After a two-day relief rally failed, Indian equities indexes turned negative on Wednesday.

After a two-day relief rally faded out due to ongoing worries about interest rate hikes by the central banks and recession fears, Indian equities indexes swung back into the red on Wednesday.

The NSE Nifty dropped 226 points or 1.44 percent to conclude at 15,413 today, while the 30-share BSE Sensex fell 710 points or 1.35 percent to close at 51,823.

Mid- and small-cap equities underperformed after the close, with the Nifty Midcap 100 declining 1.63 percent and the small-cap index declining 1.41 percent.

The National Stock Exchange’s 15 sector gauges all ended in the negative. The platform underperformed the sub-indices Nifty Metal, Nifty Oil & Gas, and Nifty Consumer Durables, which each saw declines of up to 4.87 percent, 2.16 percent, and 1.29 percent, respectively.

The top Nifty loser in terms of individual stocks was UPL, whose share price fell by 6.03 percent to 613. ONGC, Tata Steel, Hindalco, and JSW Steel were among among the backwards companies.

1,251 shares increased and 2,079 decreased on the BSE, resulting in a negative market breadth overall.

Tata Steel, Reliance Industries, Wipro, IndusInd Bank, HCL Tech, Bajaj Finserv, Titan, Bajaj Finance, Tech Mahindra, Bharti Airtel, and Axis Bank were some of the major losers on the 30-share BSE index.

TCS and PowerGrid, on the other hand, achieved a profit.

In addition, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased for the third session in a row to close 0.49 percent higher at 668.55.