Sensex falls by 290 points to close below 50,000; HDFC twins top drags

Market benchmark Sensex succumbed to selling pressure on Wednesday as investors cashed in gains after a three-session rally, with banking and finance shares leading the selloff. A bearish trend in global markets and a depreciating rupee added to the weakness.

Giving up the 50,000 mark, the 30-share BSE index ended 290.69 points or 0.58 per cent lower at 49,902.64. The broader NSE Nifty fell 77.95 points or 0.52 per cent to close at 15,030.15. Bajaj Finserv was the top laggard in the Sensex pack, shedding 1.68 per cent, followed by HDFC, M&M, Bharti Airtel, UltraTech Cement, Kotak Bank and HDFC Bank.

On the other hand, Sun Pharma, Nestlé India, Tech Mahindra, Bajaj Auto and Axis Bank were among the gainers.