The Indian share markets declined in trade for the second consecutive session on Wednesday dragged by losses in metal, private sector banking, IT and financial services shares amid weak global cues.

The BSE Sensex ended 471 points lower to close at 48,691 and NSE Nifty 50 index declined 154 points to settle at 14,696.

Tata Steel was the top Nifty loser, followed by Hindalco, JSW Steel, IndusInd Bank, Bharat Petroleum, Hindustan Unilever in the Nifty pack of stocks. ON the other hand, Tata Motors, Titan, Maruti, PowerGrid and Cipla were top gainers.

Broader Asian markets extended a sell-off fueled by concerns that a potential pickup in US inflation could lead to interest rate hikes sooner than expected.

Eight of 11 sector gauges compiled by the NSE ended lower led by the Nifty Metal index's 3 percent fall. Nifty Bank, Financial Services, Private Bank and Information Technology indices fell over 1 percent each.

On the other hand, Nifty PSU Bank was the top sectoral gainer, the index advanced 3 percent on the back of buying in State Bank of India, Punjab National Bank, Central Bank of India, Indian Bank and Bank of India.

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