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Sensex and Nifty closed in the negative territory on Wednesday, extending losses for the second consecutive session, on the back of weak global cues, along with foreign fund outflows and heavy selling pressure in IT, media, auto, metals and FMCG stocks. However, Brent crude’s fall to one-year low in the global market, coupled with value buying in banking, auto, pharma and realty stocks, helped cap losses. Banks and currency markets are shut today on account of Id-e-Milad.

The BSE Sensex — which dropped over 350 points to a low of 35,112.49 points today — closed Wednesday’s trade 274.71 points lower at 35,199.80 points, while the NSE Nifty managed to hold on to the psychologically important 10,600-mark. Heavy selling pressure was observed in most blue-chip stocks like Infosys, TCS, Wipro, Reliance Industries, Tata Steel, IndusInd Bank, and Larsen and Toubro, among others.

World stocks attempted to steady on Wednesday following a bruising Wall Street session that wiped $1 trillion off the value of leading U.S. tech shares, while oil prices staged a modest rebound after slumping to one-year lows, said a Reuters report. The Nasdaq index touched seven-month lows and energy shares too had dropped in line with a 6% oil price slump S&P 500. That fed through to Asia on Wednesday, taking MSCI’s index of ex-Japan Asia-Pacific shares almost half a percent lower, but it clawed back some of those falls to trade flat.