Weak global cues along with profit bookings and high crude oil prices dented India's key equity indices -- S&P BSE Sensex and NSE Nifty50 - during Wednesdays late afternoon trade session.
Globally, equities traded sharply lower as risk sentiment soured amid growing worries that inflation may persist.
On the domestic front, Metal, Pharma, IT and Realty stocks declined.
Consequently, at 3 p.m. the 30-scrip sensitive index traded at 59,239.69 points down 505.19 points or 0.85 per cent.
Besides, the NSE Nifty50 traded at 17,672.70 points, down by 149.60 points or 0.84 per cent.
"Nifty reversed the morning gains to go deep in the negative. Advance decline ratio has turned sharply negative due to widespread profit-taking and volumes have picked up post noon," said Deepak Jasani, Head of Retail Research, HDFC Securities.
"European stocks fell on rising crude oil prices and higher US yields impacting sentiments in the Indian markets too. We don't expect any major recovery in Nifty before the end of the session."
According to Gaurav Garg, Head of Research, CapitalVia Global Research: "We witnessed a correction in the market and an attempt to hold the level above the Nifty50 Index level of 17,600. Our research suggests that it is going to be crucial for the short-term market scenario to sustain above the 17,450-17,550 Nifty50 Index support zone."
"If the market is unable to sustain the level of 17,450-17,550, we can witness further correction in the market till the levels of 17,250-17,300."