On the other hand, IndusInd Bank, Tata Steel, Sun Pharma, Bajaj Finance, L&T and SBI were among the gainers
Mumbai: Equity benchmark Sensex plunged 422 points on Wednesday as profit-booking emerged in index heavyweights Reliance Industries and HDFC Bank.
The BSE Sensex ended 421.82 points or 1.10 per cent lower at 38,071.13, while the NSE Nifty tumbled 97.70 points or 0.86 per cent to 11,202.85.
Reliance Industries was the top loser in the Sensex pack, dropping nearly 4 per cent, followed by Nestle India, HCL Tech, M&M, HDFC Bank, Maruti and Tech Mahindra.
On the other hand, IndusInd Bank, Tata Steel, Sun Pharma, Bajaj Finance, L&T and SBI were among the gainers.
According to traders, besides stock-specific profit booking, domestic market participants were also cautious ahead of US Federal Reserve's policy outcome.
Concerns over the rising number of COVID-19 cases too spooked investors after India's tally went past 15 lakh on Wednesday, two days after it crossed the 14-lakh mark, with 48,513 fresh cases recorded in a day.
Meanwhile, bourses in Shanghai, Hong Kong and Seoul ended higher, while Tokyo settled in the red.
Stock exchanges in Europe were trading on a mixed note in early deals.
Global oil benchmark Brent crude was trading 1.28 per cent higher at USD 44.17 per barrel.
On the currency front, the rupee gained 4 paise to settle at 74.80 against the US dollar.