Benchmark indices were trading lower, as global cues, particularly from across Asia were weak. Banking stocks, which had seen a huge rally on Tuesday, began giving-up those gains.
The Sensex was last seen trading lower by 285 points, while the Nifty was down 80 points in trade. Bandhan Bank, which had seen relentless selling on Tuesday, was among the gainers, with the stock rallying more than 4 per cent.
The top losers from the Nifty space were Bajaj Finance, Hindalco, Bajaj Finserv and Zee Entertainment. On the other hand the top gainers were Bharti Airtel, GAIL and HCL Tech.
Shares in Maruti dropped almost 2 per cent after production in March 2020 fell to 92,540 units against 1,36,201 units in March 2019.
Indiabulls Housing Finance saw its shares drop after rating agency ICRA downgraded the outlook on the long-term rating to negative.
Meanwhile, most Asian markets were trading with losses, led by the Hong Hang Sang. Indian markets are expected to be volatile and will take cues from markets around the globe.