BSE Sensex and NSE Nifty ended nearly one percent lower on Wednesday, snapping two days of gain as State Bank of India and ICICI Bank shares fell after worries of their sales in bonds.
The benchmark Sensex closed 0.94 percent lower at 25660.84 points and the broader Nifty ended 0.96 percent lower at 7672.05 points.
SBI shares fell 2.02 percent, while ICICI stocks plunged 2.67 percent on Wednesday.
Among the 30 companies listed on Sensex, shares of only eight companies gained, while among the 50 listed companies on Nifty, shares of only 12 companies surged. And among the 12 Indian stock indices, only IT shares rose higher by 0.67 percent, ending at 9894.21 points.
The Indian rupee slumped to 61.43 per dollar, to its lowest since March 14, and weaker than its 60.80 a dollar closing price on Tuesday.
A decline in global markets also affected Indian shares after Wall Street plunged overnight and after reports of a build-up of Russian troops near the border of Ukraine.
Foreign investors bought Indian stocks worth $8.68 million on Tuesday. They have sold shares worth $363.48 million so far in August and have also bought $11.79 billion worth shares so far in 2014.
"Markets are likely to be choppy for the time being. Earnings are coming to an end. There is a lack of fresh triggers. It would be more of news-driven kind of movement for the time being," Reuters quoted Daljeet S Kohli, head of research at IndiaNivesh.
"However, the broader sentiment is still positive," he added.
The Reserve Bank of India kept the repo rate steady at eight percent during the third bi-monthly policy review on Tuesday. The bank has also decided to keep inflation target at eight percent by 2015 and six percent by 2016.
It has also decided to trim the SLR by 50 bps to 22 percent, which will be effective from 9 August (one BPS is one hundredth of a percent point).
Top gainers from BSE:
| Name | Symbol | Last | Change | Change in % |
| Mold-tek Technologies ltd | MOLD | 64.80 | +10.80 | +20 |
| Jubilant Industries Limited | JUBL | 133.20 | +22.20 | +20 |
| J L Morison India Limited | JLMI | 612.30 | +102.05 | +20 |
| Saurashtra Cement India | SAUR | 53.40 | +8.90 | +20 |
| Kothari Products | KPRO | 261.95 | +43.65 | +20 |
Top losers from BSE:
| Name | Symbol | Last | Change | Change in % |
| Bhushan Steel Limited | BSSL | 304.60 | -76.15 | -20 |
| Frontline Securities Limited | FRSE | 62.25 | -10.65 | -14.61 |
| Super Crop safe limited | SUPC | 14.25 | -1.95 | -12.04 |
| Monnet Industries limited | MONT | 24.25 | -3.10 | -11.33 |
| C Mahendra Exports Limited | MUDR | 11.07 | -1.23 | -10 |
Top gainers from NSE Nifty were Kothari products, Jubilant Industries Limited, Vadilal Industries, JB Chemicals & Pharmaceuticals and KRBL limited, whereas, top losers were Birla Power Solutions, Bhushan Steel, VKS Projects, REI Six ten retail and Blue Chip India Limited.
Gateway Distriparks Ltd, which operates container freight stations, ended 1.62 percent higher at Rs.238 per share. Its April-June net profit adjusted its year-on-year fall.
Bata India Ltd shares plunged 1.26 lower with loss of Rs.15.80. The company's net profit fell 4.1 percent to Rs.59.39 crore on 8.6 percent surge in net sales to Rs. 621.58 crore in Q2 June 2014 over Q2 June 2013.
Shares of Hero Honda ended 0.45 percent higher at Rs. 2594.90 per share. The company announced April-June quarterly earnings. It reported a net profit of Rs. 5.63 billion rupees versus its consensus forecast of Rs. 6.13 billion rupees.
Stocks of Bhushan Steel recorded a year's low at ₹305 per share, following involvement in Syndicate Bank corruption case. The price of each share slumped Rs. 76.20 or 20 percent during trading hours on Wednesday at 1.30 pm.
With inputs from Reuters.
