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The BSE benchmark index Sensex on Wednesday fell by 129 points on profit selling after weak global trends amid concerns that below-average monsoon might hurt efforts to boost growth.
The 30-share BSE barometer, which had surged by 226 points to match with mid-March levels on Tuesday, dropped by 129.21 points, or 0.73%, to close at 17,489.14.
The broad-based National Stock Exchange (NSE) index Nifty dropped by 39.05 points, or 0.73%, to 5,306.30 as investors encashed from Tuesday's gains.
Brokers said reports of less than average monsoon rains this season might hamper efforts to boost economy and hurt company earnings this quarter impacted the market sentiment.
The India Meteorological Department on Wednesday said that monsoon, the life-line of Indian agriculture, has covered the entire country but rains are still deficient by 23%.
Lower opening in European stock markets after overnight fall on Wall Street, as investors fretted over mounting global economic gloom, aggravated the market woes.
Market major Reliance Industries dropped 1.87% to Rs 725.70.
The auto sector suffered heavy losses of 1.18% on fears that less rains might reduce demand for vehicles in rural areas. Tata Motors dropped 2.03% to Rs. 241.40, Maruti Suzuki by 1.49% to Rs. 1,203.05 and Hero MotoCorp by 1.18% to Rs. 2,040.50.
Among the 30 index components, 26 stocks declined while four ended with gains.
Major losers were Wipro, ITC, Hind Unilever, ICICI Bank, State Bank of India, HDFC Bank, Dr Reddy's Laboratories, Cipla, Bharti Airtel and Bajaj Auto.