Reversing its intraday gains, the 30-share BSE Sensex fell 317.72 points amid high volatilty, to settle at 25714.66. The broader 50-share Nifty closed the session down 88.85 points, at 7791.85. Bank Nifty was the top sectoral loser, down 284 points, or 1.65 per cent. 18 of the 30 Sensex stocks finished the day in the negative territory.
HDFC Bank was the top Sensex loser, down upto 3.77 per cent. The market sentiment remained wary despite policy moves by the China's central bank (PBOC) late on Tuesday in a bid support the economy. Investors were jittery, worrying that the fresh rate cuts would not be sufficient to stabilise the world's second largest economy or put a break on the fall in global equity markets.
Chinese markets were unimpressed with the central bank's strong monetary easing measures announced on Tuesday night, believing much more official support is needed, and traders said shares remained vulnerable to another selloff. Stocks are expected to remain volatile ahead of the August derivatives contracts expiry on Thursday.
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