Sensex drops 207 pts; Nifty ends below 18,250

Equity benchmark Sensex tumbled 207 points on Wednesday, weighed by losses in Axis Bank, Reliance Industries and Bajaj Finance amid a weak trend in global markets.

The 30-share index ended 206.93 points or 0.34 per cent lower at 61,143.33. Similarly, the NSE Nifty fell 57.45 points or 0.31 per cent to 18,210.95.

Axis Bank was the top loser in the Sensex pack, tanking over 6 per cent, followed by Bajaj Finance, Bajaj Finserv, IndusInd Bank, HUL and Tata Steel.

On the other hand, Asian Paints, Sun Pharma, Infosys, SBI and UltraTech Cement were among the gainers.

Markets traded on a lacklustre note, tracking mixed cues. Initially, weak Asian markets were weighing on the sentiments and mixed trend across sectors kept the participants guessing as the session progressed, said Ajit Mishra, VP - Research, Religare Broking.

A sharp dip in select index majors from banking, metal and energy sectors pushed the benchmark lower in the final hour, he noted.

"Markets are closely watching earnings for cues and we’ll see the reaction to the numbers of select index majors in early trade on Thursday. Besides, volatility is expected to remain high due to the scheduled monthly derivatives expiry," Mishra added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with losses.

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

Meanwhile, international oil benchmark Brent crude slumped 1.09 per cent to USD 84.72 per barrel.