Markets crash: Sensex, Nifty fall over 1%; heavyweight selling in Reliance Industries and bank stocks

The benchmark Sensex on Wednesday plummeted over 1%, with the Nifty also dropping below the critical 22,000 mark. The downturn was fueled by significant selling pressure in heavyweight stocks like Reliance Industries and banking shares, influenced by weak global market trends.

Sensex experienced a decline of 790 points, closing at 72,304. Similarly, the Nifty witnessed a significant drop of 247 points, ending the session at 21,951.

Among the Sensex constituents, major declines were observed in Power Grid, IndusInd Bank, Maruti, Wipro, Tata Steel, Asian Paints and Reliance Industries. On the flip side, HUL, Infosys, TCS and Bharti Airtel emerged as gainers amidst the downturn.

In Asian markets, Seoul settled with gains while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading mostly lower. The US markets ended mostly higher on Tuesday.

The BSE benchmark climbed 305.09 points or 0.42 per cent to settle at 73,095.22 on Tuesday. The Nifty ended 76.30 points or 0.34 per cent up at 22,198.35.

Global oil benchmark Brent crude declined 0.90 per cent to USD 82.90 a barrel.