Indian equities fell sharply in afternoon trade Wednesday with a benchmark index closing 218 points lower as credit agency Moody's downgraded the rating of Indian banks. Negative global cues too added to the selling pressure.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,641.98 points, closed at 17,351.03 points (provisional), down 218.5 points or 1.24 percent from its previous close at 17,569.53 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also dived in late trade to close 74.45 points or 1.41 percent lower at 5,214.9 points.
Broader markets also closed in losses with the BSE 500 index ending 1.36 percent lower. The BSE midcap index was closed 1.36 percent down while the BSE smallcap index ended 1.13 percent lower.