MUMBAI: Equity benchmark indices Sensex and Nifty stayed on the back foot for the third straight session on Wednesday as investors offloaded utility, capital goods and metal stocks amid foreign fund outflows.
The 30-share BSE benchmark Sensex tumbled 502.25 points or 0.62 per cent to settle at 80,182.20, taking its downtrend to the third day.
During the day, it tanked 634.38 points or 0.78 per cent to 80,050.07.
The NSE Nifty declined 137.15 points or 0.56 per cent to 24,198.85.
"The near-term market construct has turned weak, with FIIs turning sellers on rallies. Yesterday's massive FII sell figure of Rs 6,410 crore in the cash market indicates that more selling is in store on market bounces.
"The focus of global markets today will be the Fed decision expected tonight. A 25 bps rate cut is priced in by the market. So, the attention will be on the Fed commentary," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
From the 30-share blue-chip pack, Tata Motors, Power Grid, NTPC, Adani Ports, JSW Steel, ICICI Bank, Larsen & Toubro and Bajaj Finance were the main laggards.
In contrast, Tata Consultancy Services, Reliance Industries, Tech Mahindra and HCL Technologies were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,409.86 crore on Tuesday, according to exchange data.
In Asian markets, Seoul, Shanghai and Hong Kong settled higher, while Tokyo ended lower.
European markets were trading in the positive territory in mid-session deals.
Wall Street ended lower on Tuesday.
Global oil benchmark Brent crude climbed 0.48 per cent to USD 73.67 a barrel.
Falling for the second day in a row, the BSE benchmark tanked 1,064.12 points or 1.30 per cent to settle at 80,684.45 on Tuesday.
The Nifty tumbled 332.25 points or 1.35 per cent to 24,336.