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Equity indices Sensex and Nifty came under selling pressure for the third straight session on Thursday to close up nearly 1 percent as investors shorted auto, banking, and financial stocks amid sluggish global markets.
Global stock prices fell after the US Federal Reserve said it plans to raise interest rates later this year to fight inflation.
The 30-share BSE Sensex was down 570.60 points, or 0.85 percent, at 66,230.24. During the day, it fell by 672.13 points, or one percent, to 66,128.71 points.
The Nifty fell 159.05 points, or 0.80 percent, to end at 19,742.35. "The domestic market fell due to the sharp stance of the Fed leadership and prolonged high-interest rates, which is not positive for the global economic slowdown.
"Extended valuations and concerns about slowing returns have hit PSU banks and midcaps the hardest. Rising oil prices and rainfall have made investors cautious in the market," said Vinod Nair, head of research at Geojit Financial Services.
The top loser in the Sensex pack was ICICI Bank, which fell 2.81 percent, followed by Mahindra and Mahindra, State Bank of India, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Axis Bank and Power Grid.

Tech Mahindra, Bharti Airtel, Infosys, Asian Paints, Hindustan Unilever, Larsen and Toubro and Titan won. In the Asian market, Seoul, Tokyo, Shanghai and Hong Kong ended with negative territory.
Trading in the European market took place in negative territory. The US market ended in the red on Wednesday.

The US Federal Reserve kept its key interest rate unchanged for the second time in three meetings on Wednesday, a sign that it is scaling back its fight against inflation as price pressures ease. But Fed officials have also signaled that they plan to raise interest rates one more time this year. Brent crude, the global oil benchmark, fell 0.81 percent to $92.77 a barrel.
Foreign institutional investors (FIIs) divested shares worth Rs 3,110.69 billion on Wednesday, stock exchange data showed.

The BSE index fell 796 points or 1.18 percent to settle at 66,800.84 on Wednesday. The NSE Nifty fell 231.90 points, or 1.15 percent, to close below 20,000 points at 19,901.40.