Bears were in the grip of the market ahead of key exit polls data for assembly elections in five states. The Nifty snapped its 8900-mark, driven by losses in HDFC and Reliance.
The Sensex was down 152.35 points at 28847.21, while the Nifty was down 47.35 points at 8899.55.
The market breadth was in the negative zone as 755 shares had advanced, 1,733 shares declined, while 135 shares are unchanged.
Tata Steel, Hindalco and Adani Ports dragged the indices, while Bharti Airtel, ITC, Yes Bank and Kotak Mahindra Bank gained a tad on both indices.
Kotak Mahindra Bank added nearly 3 percent intraday on Wednesday following reports of stake sale to Canadian pension fund. Uday Kotak is in discussions for a sale of over 3 percent stake in the bank to Caisse de Depot et Placement du Quebec (CPDQ), according to a report on Bloomberg. The stake that Kotak is looking to sell is worth Rs 5,400 crore as of March 7, 2017 closing price.