The benchmark indices dropped sharply together with global stocks, seeing heavy selling on Wednesday on the back of negative global cues. The barometer index, the BSE Sensex lost 317.77 points or 1.08% at 29,167.6, while the Nifty50 index was down 91.05 points or 1% at 9,030.45, led by index heavyweights HDFC, ICICI Bank and ITC. Both the Sensex and the Nifty hit their bottom level in almost 2 weeks in late trade. 

The market breadth was in the negative terrain, with 990 advancing shares against 1822 declining shares. About 194 shares remained unchanged. Cigarette major ITC lost 2.89% to Rs 279.35. The stock hit a high and low of Rs 287.80 and Rs 278.85 respectively in intraday trade. Pharma stocks like Lupin and Cipla were top gainers on both the indices.