Sensex tumbles 254 pts; HDFC twins weigh

Equity benchmark Sensex dropped 254 points on Wednesday following losses in index majors HDFC twins, Reliance Industries, and ICICI Bank.

The 30-share BSE benchmark closed 254.33 points or 0.43 percent lower at 59,413.27. Similarly, the NSE Nifty declined 37.30 points or 0.21 percent to 17,711.30.

HDFC was the top loser in the Sensex pack, shedding nearly 2 percent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL, and Tech Mahindra.

On the other hand, NTPC, PowerGrid, Sun Pharma, SBI, and Titan were among the gainers.

Domestic equities witnessed brisk recovery from intra-day lows, led by a strong rebound in metal, pharma, and PSU banks, said Binod Modi, Head - Strategy at Reliance Securities.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in the benchmark US 10-year yields to 1.546 percent spooked global equity markets, with US benchmarks witnessing cuts of above 2 percent in S&P 500 and Nasdaq in the previous session.

''It is too early to conclude that this is a trend reversal for markets. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets,'' he noted.

Elsewhere in Asia, bourses in Shanghai, Tokyo, and Seoul ended with heavy losses, while Hong Kong turned positive.

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

Meanwhile, international oil benchmark Brent crude slipped 0.57 percent to USD 77.90 per barrel.