Key benchmark Sensex gave up early gains and tumbled 283 points on Wednesday following losses in index heavyweights Reliance Industries, HDFC and ICICI Bank.

The Sensex settle ended 282.63 points lower at 52,306.08. while the  NSE Nifty declined 85.80 points to 15,686.95. Both indexes have scaled all-time highs this month, driven by a decline in COVID-19 cases, the easing of pandemic-induced restrictions in states, and a record surge in vaccinations. The Nifty reached within 100 points of the 16,000 mark last week.

Kotak Bank was the top loser in the Sensex pack, shedding over 1 percent, followed by L&T, Tata Steel, HDFC, TCS, Reliance Industries, HCL Tech and ICICI Bank. On the other hand, Maruti, Titan, Bajaj Finserv and M&M were among the gainers.

The Nifty Bank Index fell 0.49 percent, posting its fifth session of losses in six. Private-sector lender ICICI Bank lost 1 percent and was among the top drags on the Nifty 50. The Nifty Auto Index was among the few indexes that closed higher, gaining 0.46 percent and clocking its second straight session of gains, a day after a Jefferies research note said that India's auto demand was recovering again.

Meanwhile, international oil benchmark Brent crude was trading 0.84 percent higher at $75.44 per barrel.

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