Indian share markets endured sharp swings on either side as the March series Future and Options ( F&O) expiry had a volatile close.

The  BSE Sensex tumbled  740 points lower at 48,440 while the NSE Nifty 50 declined 224 points at 14,324. 45 out of the 50 index constituents ended with losses. Nifty Bank also gave up 286 points or 0.86 percent.

The top contributor to the downside was Reliance Industries which fell over 2.5 percent and was down for the second day in a row.

Telecom stocks also were under pressure on stock-specific development with both Airtel and Vodafone Idea shares dragged to their over 3-month low price.

Benchmark indices had nearly pared losses courtesy a recovery in banks and metal stocks but the recovery was swiftly sold into. This is the second F&O series loss posted by the markets in 2021.

Sectoral indices too endured a volatile trading session. The Nifty Media index ended as the top sectoral lower with losses of 3 percent. The Nifty Auto index was among the top sectoral laggards, ending 2.8 percent lower.

The PSU Bank index, which fell as much as 5 percent during the session, recovered from the day's low to end with losses of 2.6 percent. The Nifty FMCG and Nifty I.T. indices also witnessed losses of over 2 percent in today's session. The realty index also saw declines of 2.5 percent.

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