Indian market indexes fell  on  Wednesday, as losses in banking and information technology (IT) firms outweighed gains in consumer goods and pharmaceuticals. Domestic indices gave up their early gains and fell into negative territory, halting a two-day surge. As the UK's inflation rate touched a 40-year high of 9% in April, investor mood deteriorated.

The 30-share BSE Sensex slid 110 points, or 0.20 percent, to close at 54,209, while the wider NSE Nifty fell 19 points, or 0.12 percent, to 16,240.  Mid- and small-cap stocks finished down, with the Nifty Midcap 100 down 0.22 percent and the small-cap index down 0.39 percent.

The NSE's 15 sector gauges all ended the day in the red. The Nifty PSU Bank and Nifty IT sub-indices both underperformed the index, sliding 1.57 percent and 0.47 percent, respectively. The highest Nifty gainer was PowerGrid, which rose 4.53 percent to 227.85. The laggards included BPCL, Tech Mahindra, Apollo Hospitals, and SBI.

On the BSE, however, the overall market breadth was positive, with 1,918 shares rising and 1,428 falling. PowerGrid, TechM, SBI, L&T, Bajaj Finserv, Bharti Airtel, NTPC, Wipro, HCL Tech, Tata Steel, Infosys, and ICICI Bank were among the top losers on the 30-share BSE index. on the other hand, Hindustan Unilever, UltraTech Cement, Asian Paints, Sun Pharma, ITC, Axis Bank, Maruti and Reliance Industries,  all ended the day in the green.

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