Bear Rampage: Fund outflows dent equities; banking stocks drown

Mumbai:Pre-budget nervousness along with profit booking and upcoming derivatives expiry heavily dented the Indian stock market on Wednesday.

Besides, weak global cues and selling by FIIs lead to the bear run in the market.

Investors were seen cautious ahead of monthly F&O expiry as well as pre-budget speculations.

Accordingly, the two key indices -- S&P BSE Sensex and NSENifty50 -- both fell around 2 per cent with the barometer index falling close to 1,000 points.

On Monday, the previous trade session, FIIs were net sellers to the tune of Rs 765.30 crore in BSE, NSE and MSEI in the capital market segment.

Heavy selling pressure was witnessed across sectors, led by banking, finance, automobile and oil and gas stocks.

Consequently, Sensex closed at 47,409.93, lower by 937.66 or 1.94 per cent from its previous close.

The Nifty50 also fell below the psychological 14,000-mark.

It ended the day's trade at 13,967.50, lower by 271.40 points or 1.91 per cent from its previous close.