Sensex snaps 2-day gaining streak, falls 600 points, Nifty below 14,700

Domestic stock market indices, Sensex and Nifty ended over 1 per cent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. 

The 30-share BSE index ended 627.43 points or 1.25 per cent lower at 49,509.15, and the broader NSE Nifty slumped 154.40 points or 1.04 per cent to 14,690.70.

The HDFC duo was the top laggard in the Sensex pack, shedding nearly 4 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries.

On the other hand, ITC, Bajaj Finserv, HUL, SBI and TCS were among the gainers.

"Domestic equities traded lower as concerns pertaining to a spike in COVID-19 cases and resultant restrictions continued to weigh on investors' sentiments,? said Binod Modi, Head - Strategy at Reliance Securities.

Further, rise in US treasury yields and the strengthening dollar index aggravated concerns, he added.

Financials, especially private banks, witnessed heavy profit-booking, which along with selling pressure in IT stocks dragged benchmarks. However, investors continue to lap up FMCG, metals and pharma names.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red.

Stock exchanges in Europe were also trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.58 per cent lower at USD 63.80 per barrel. 

(With inputs from agencies)