Sensex drops 471 points, Nifty ends below 14,700

Domestic stock market indices, Sensex and Nifty ended lower on Wednesday dragged by heavy selling in metals, IT, private banks and financial services stocks. 

Midcap and smallcap indices also declined. Gains were seen in PSU Banks, auto and media indices. 

Sensex dropped 471 points to close at 48,691 levels. In the intra-day trade, the index hit a low of 48,551 levels. 

On the NSE, the Nifty50 declined 154 points and gave up 14,700-mark to settle at 14,696 levels. Earlier in the day, the index had touched a low of 14,650.

(With inputs from agencies)