Sensex, Nifty tumble more than 1% on F&O expiry; bank, financial stocks skid

Benchmark indices Sensex and Nifty tanked more than 1 per cent on Wednesday due to heavy selling pressure in banking and financial shares amid unabated foreign capital outflows.

The 30-share BSE barometer plunged by 773.69 points or 1.27 per cent to 60,205.06 as 22 of its scrips declined while eight advanced.

The index opened lower and later fell nearly 900 points during the day to touch a low of 60,081.36 as investors closed their positions on the last day of derivatives expiry. The broader Nifty of the National Stock Exchange declined sharply by 226.35 points or 1.25 per cent to close below the 18,000 level at 17,891.95. As many as 35 of its scrips ended in the red and 15 gained.

"Indian equities witnessed a significant sell-off as the market appeared apprehensive ahead of the upcoming Union Budget and Fed meeting next week," Vinod Nair, Head of Research at Geojit Financial Services, said.